Protect Yourself from Scams

Contributed by Mexico’s Federal Consumer Protection Agency (Profeco)

Mr. Ernesto, 72, received a phone call that sounded urgent: his bank informed him that his account was at risk. To protect his money, they asked for his PIN. Believing the call was legitimate, he shared his information; however, minutes later, his account had been emptied.

Stories like this are increasingly common. Older adults are becoming targets of fraud, not only by strangers but sometimes by people close to them—neighbors, friends, or even family members.

No one should handle your money without your clear and conscious authorization.

Know what to do if you get an unexpected call, text,
email or social media message asking for money or personal information. Scams happen in many ways. Here are some examples:

• Fake emails. These emails appear to come from a bank or department store. They ask you to verify information or click on a link that might take you to an imposter website that looks like a legitimate bank, store, or job application site. If you do, this could be a scam designed to get your personal or financial information to steal your money or identity.


• Deceptive phone calls. You receive calls from people posing as bank employees, insurance agents, or relatives in trouble. They tell you there is a problem and pressure you to provide confidential information or transfer money. They tell you to hurry so you don’t have time to think.


• Promises of safe investments. These schemes offer quick and risk-free earnings. They first ask you to deposit money and later to bring in other people. However, it may be a pyramid scheme where your income is based mostly on how many people you recruit, not how much product you sell.


• Fake messages. You receive SMS or WhatsApp messages with promotions, fake prizes, or bank alerts. If you click the link, it might take you to an imposter website that looks like a legitimate bank, store, job application site, or cause you to download malware to your computer. This could be a scam to get your personal or financial information to steal your money or identity.


• Suspicious home visits. Sometimes people show up pretending to be officials, healthcare workers, or representatives of social programs. Do not let them in if you were not expecting them.


• Abuse of trust by family members. Close relatives may offer to help with your money, credit or debit cards, or bank account, but end up controlling your pension or making decisions without your consent. No one should handle your money without your clear and conscious authorization.

Here is what you can do to avoid these scams:

• Learn to use technology. If you are unfamiliar with digital tools and services, try learning about them at your own pace. There are courses, online videos, and in-person workshops designed for older adults. Take courses on how to use ATMs, online banking, smartphones, or apps to check your account. Many institutions offer materials specifically designed for older adults.


• Do not share your passwords or PIN. Never provide sensitive information—such as your PIN or online banking passwords—by phone, text message, or WhatsApp, not even to people close to you unless you fully trust them.


• Do not sign anything without reading and understanding it. If someone asks you to sign banking documents, Power of Attorney, or loan papers, review them first with a trusted person or lawyer.


• Ask before making any transaction. If something seems strange, call your bank directly or ask someone you trust. Never use the phone numbers given to you in suspicious calls or messages.

(Source: Profeco and Condusef)

If you believe you have encountered this kind of scam, report it to:

1. IAFO – consumer complaints can help consumer agencies around the world spot trends and work together to prevent international scams.
2. Your national consumer protection agency.