Cyber Matters: Elder Fraud and Protecting Our Loved Ones from Phone, Mail, and In-Person Scams

This is Cyber Matters, part of the Kassouf Podcast Network, with host Russ Dorsey, Principal and Chief Information Officer at Kassouf. Cyber Matters discusses issues that truly matter - to us, our clients, their families, and their businesses. 

In this episode, we welcome Lynn Shobe, retired Senior Special Agent with the Alabama State Bureau of Investigation. We talk about phone, mail, and in-person financial fraud, and why criminals still use these "old school" methods. 

Lynn, a Certified Fraud Examiner and Certified Financial Crime Investigator, has spent over half of his 40+ year career focusing on financial crime and fraud investigation. His focus on financial fraud has led him to a deep understanding of both the criminal and victim mindsets. 

In the first part of this two-part series, we discuss the characteristics of scams and some of the tactics used. We talk about victims’ mindsets, and why so many people, especially the elderly, are fooled into handing over thousands of dollars, sometimes repeatedly. 

You can reach Lynn through his LinkedIn https://www.linkedin.com/in/lynn-shobe-cfe-cfci-71b89017/. 

According to the FBI IC3 report on Elder Fraud, criminals stole over $3 billion from our nation’s elderly in 2022 alone, costing the average victim $35,000. https://www.ic3.gov/Media/PDF/AnnualReport/2022_IC3ElderFraudReport.pdf. 

If you or someone you know has been a victim of elder fraud, involve local law enforcement immediately. In cases of significant monetary losses, ask your local law enforcement to involve the FBI immediately. 

And contact the National Elder Fraud Hotline: 833–FRAUD–11 or 833–372–8311. https://ovc.ojp.gov/program/stop-elder-fraud/providing-help-restoring-hope.