LAS VEGAS (KTNV) — Bad actors are posing as representatives from government agencies, and getting away with stealing thousands of dollars from vulnerable seniors.
WATCH | What a local expert wants you to know about protecting yourself from scams
The Federal Trade Commission said that from 2020 to 2024, the number of reports from older adults who lost $10,000 or more to these types of scams increased four times over.
Brad Zucker of SMA Wealth Management here in Las Vegas said there's a formula that most scammers use, and if you can spot any of these four tactics you could stop yourself from getting scammed:
- Pretending to be someone
- Creating a problem
- Applying pressure
- Asking for payment
"Last year alone, the Federal Trade Commission or FTC, they got over 300,000 complaints of victims that on average lost $1,400," said Zucker.
He explained scammers use phishing emails and text messages asking to open up a link or click a specific button.
In January 2024, Las Vegas resident Cozy Stone told Channel 13 Investigates about a scam with criminals posing as representatives from CitiBank that ultimately left her with a $12,000 loss.
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"Heard a ding on my phone, something said look at it. Saw that my bank account had been reduced by a significant amount. I’ll put it this way. They left $193.71," remembered Stone, who was finishing cancer treatment at the time.
Stone said it was humiliating, but doesn't want anyone else to experience this.
"Do not take phone calls you do not recognize," she warned.
The most important thing you can do, according to Zucker, is report being scammed right away. "You don’t wait three months, six months. You do it immediately, because the longer you wait, the less likely you’ll be paid the proceeds in return."
Still, Zucker said it's rare that money lost is returned to a victim.
Have you experienced a scam, or noticed the signs of one before it hit? We'd like to hear from you. Contact us at ktnv.com/letstalk.
