It’s a growing problem—but knowing what to look out for can help you and your loved ones stay safe.It’s a growing problem—but knowing what to look out for can help you and your loved ones stay safe.
With the Oregon Department of Justice’s recent warning of “grandparent scams” targeting older Oregonians, it’s a great reminder that, no matter where you live, staying alert and being proactive can help protect you or your family’s finances.
Fraud tactics targeting older Americans (e.g., grandparent scams or fake tech support phone calls) can be crippling financially. For example, the Federal Trade Commission announced in 2020 such scams that were reported collectively cost Americans aged 60 and over more than $440 million in 2019 alone—and 2020 figures are expected to be higher due to COVID-19-related scams.
As trends show, fraud continue to be a lucrative endeavor for criminals, and with the 65-and-older population rapidly rising according to the U.S. Census Bureau, it’s a good time to shore up your finances—including working with your bank—if you fit into this demographic to help ensure you’re not a victim. And the same for other members in your family who are also 65 or older.
Be on the lookout
"We see elderly fraud cases all the time," says Maria Bass, a store manager with Umpqua Bank in East Placerville, CA, where a sizeable percentage of the population is elderly. “Our goal is always to help them recover what we can and help ensure it doesn't happen again."
One of the best ways to help protect against financial fraud targeting older individuals is to research and understand the most popular tactics so you’re prepared in the event you actually encounter one. Many of these scams are conducted over the phone, via email, or even through snail mail.
According to Maria, the most popular scams targeting older individuals include the following scenarios in which fraudsters pose as individuals representing seemingly legitimate entities:
Tips for protecting your information
Maria and her team at Umpqua Bank have hosted several fraud-prevention events, where they share information about how anyone—especially seniors—can protect themselves from becoming victims of fraud. Here are some of her top tips for helping you and your loved ones protect against scams like the ones listed above:
Financial tips
Phone, email, and text message tips
What to do if you discover you’re a victim of fraud
More information
Visit the following resources for more information on how to fight fraud targeted towards older individuals:
Tax Assistance Goes Virtual During Pandemic
It is now crunch time for many taxpayers, and tax assistance appointments are filling up fast, if they are not full already. Yet, free online filing options are still available, and filing taxes this year is as important as ever to ensure credits and refunds get into the pockets of those who need it most.
Across the Western States, virtual, free tax assistance options include AARP, United Way, Goodwill, public libraries, and more. Check each state’s Department of Revenue website for additional resources. Resources include but are not limited to:
OREGON: MFS CASH Oregon and NeighborWorks Umpqua’s Volunteer Income Tax Assistance
WASHINGTON: Spokane County United Way, Associated Ministries/Goodwill – Olympics & Rainier Region and United Way of King County
IDAHO: AARP Tax-Aide
CALIFORNIA: United Way My Free Taxes and AARP Foundation’s Tax-Aide.
NEVADA: Free Taxes Coalition and United Way of Southern Nevada
And, for more information on the EITC, visit https://www.eitc.irs.gov/.
Millions of dollars go unclaimed each year during tax season. For example, the Earned Income Tax Credit, a federal and state tax credit for people making up to $56,844 per year, may give families up to $6,660 back when they file taxes. Check eligibility requirements for the Earned Income Tax Credit (EITC) and other credits, which can still be claimed going back to 2017.
“In coordination with our nonprofit partners, Umpqua Bank employees are committed to returning as many tax credits and refunds as possible back into the community,” said Brenden Butler, Umpqua Bank vice president and community development officer. “While in-person tax assistance is limited due to the pandemic, taxpayers can make use of the many free online resources available.”
Among the IRS-certified volunteers providing assistance, Umpqua Bank associates contribute more than 200 hours annually across Oregon, Washington, California, Idaho and Nevada to assist nonprofit organizations with free tax preparation for low-income residents to help them claim important federal tax credits. The bank’s Connect Volunteer Network allocates each employee 40 hours of paid volunteer time off annually.
Tax Assistance Goes Virtual During Pandemic
It is now crunch time for many taxpayers, and tax assistance appointments are filling up fast, if they are not full already. Yet, free online filing options are still available, and filing taxes this year is as important as ever to ensure credits and refunds get into the pockets of those who need it most.
Across the Western States, virtual, free tax assistance options include AARP, United Way, Goodwill, public libraries, and more. Check each state’s Department of Revenue website for additional resources. Resources include but are not limited to:
OREGON: MFS CASH Oregon and NeighborWorks Umpqua’s Volunteer Income Tax Assistance
WASHINGTON: Spokane County United Way, Associated Ministries/Goodwill – Olympics & Rainier Region and United Way of King County
IDAHO: AARP Tax-Aide
CALIFORNIA: United Way My Free Taxes and AARP Foundation’s Tax-Aide.
NEVADA: Free Taxes Coalition and United Way of Southern Nevada
And, for more information on the EITC, visit https://www.eitc.irs.gov/.
Millions of dollars go unclaimed each year during tax season. For example, the Earned Income Tax Credit, a federal and state tax credit for people making up to $56,844 per year, may give families up to $6,660 back when they file taxes. Check eligibility requirements for the Earned Income Tax Credit (EITC) and other credits, which can still be claimed going back to 2017.
“In coordination with our nonprofit partners, Umpqua Bank employees are committed to returning as many tax credits and refunds as possible back into the community,” said Brenden Butler, Umpqua Bank vice president and community development officer. “While in-person tax assistance is limited due to the pandemic, taxpayers can make use of the many free online resources available.”
Among the IRS-certified volunteers providing assistance, Umpqua Bank associates contribute more than 200 hours annually across Oregon, Washington, California, Idaho and Nevada to assist nonprofit organizations with free tax preparation for low-income residents to help them claim important federal tax credits. The bank’s Connect Volunteer Network allocates each employee 40 hours of paid volunteer time off annually.