Stop Financial Scams Now: 4 Expert Tips from Suze Orman

Core Insights - The elderly population, particularly those aged 60 and older, is increasingly targeted by scammers due to their potential lack of tech-savviness and accumulated savings, making them attractive victims [1] Group 1: Scam Statistics - The Federal Trade Commission reported an 800% increase in the number of consumers over age 60 who lost over $100,000 to scams, rising from $55 million in 2020 to $445 million in 2024 [2] Group 2: Consumer Advice - Consumers are advised to slow down and not provide any information when contacted about potential issues with their bank or investment accounts [4] - It is recommended to confirm any issues directly with the financial institution using official contact methods rather than links or numbers provided by the caller [5] - Adding phone numbers to the National Do Not Call Registry can help reduce unwanted telemarketing calls, although it may not eliminate all spam [6] - Individuals should be cautious of unexpected calls and verify the identity of the caller before providing any information [7] Group 3: Actions for Victims - If a person suspects they are a victim of fraud, they should immediately contact their financial institution using the official contact information [8] - Reporting scams to the Internet Crime Complaint Center of the FBI is encouraged, as it can aid in preventing future fraud, even if individual cases may not be investigated [9]