Engaging session provides advice and strategies for evading fraudulent activities
In recent times, financial scams have become a growing concern in Hawaii, with scammers operating from far-off locations like Bangkok, according to Cherise Richards, a panelist from the U.S. Secret Service.
The scams are insidious, often utilising the trust and kindness inherent in local culture to trick victims. Some common types include investment scams, romance scams, and text messages about picking up packages held in Customs. Rental scams, where fees for ultimately unavailable housing are collected electronically, are most common right before college begins.
Joely Chung, Senior Vice President of First Hawaiian Bank, offers a simple acronym, TIPS, to identify red flags of a likely scam. TIPS stands for the presence of THREATS or IMMEDIATE language, a PROMISE of something too good to be true, or if the victim is told to keep the interaction SECRET from their family and authorities.
Another scam being executed on-island involves criminals selling gift cards from Safeway, Walmart, and Target online before returning the compromised card to the rack, leaving victims who buy them to find the card's balance already spent. Following the scammer's instructions to click links, call numbers, or share screens can allow the scammer to access the victim's devices and overtake their accounts.
The rushed nature of scams causes people not to think clearly and thoroughly before acting. If red flags are present, the public is urged to end communication immediately and begin a new conversation directly with the bank or police. Victims should visit their local bank branch or call (808) 844-4444 (First Hawaiian Bank) for assistance with suspicious activity.
The scams often target kupuna who are less familiar with technology. Technical support scams, involving the purchase of protection software for a small fee, heavily target kupuna and can lead to stolen card details and large financial losses. Scammers may also gather information on a victim's family through a grandparent scam, using casual conversation with kupuna to learn names, passwords, and security questions, potentially exposing younger family members to scamming.
To protect oneself, the panel advises the use of password managers and changing passwords routinely. Adam Palmer, First Hawaiian Bank's Chief Information Security Officer, also recommends educating oneself on self-protection from phishing, smishing, vishing, and social media attacks. He suggests resources such as the Cybersecurity and Infrastructure Security Agency's #BeCyberSmart guidance, the National Cybersecurity Alliance's #StaySafeOnline advice, and the Cyber Support Network's www.fightcrimeonline.org resource for small businesses.
The Federal Trade Commission received over 2.6 million reports of fraud nationwide in 2024, resulting in a total loss of over $12.5 billion. Government impersonation scams, where victims are told they are being investigated and must pay fines or face jail, are on the rise in Honolulu.
The best way to avoid scammers, according to the panel, is to "not engage." More information is available at www.fbi.gov/elderfraud. The American Bankers Association campaign #BanksNeverAskThat can help victims identify financial scams impersonating institutions.
Remember, staying safe online requires vigilance and knowledge. By following these tips and staying informed, you can protect yourself and your loved ones from falling victim to these scams.
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