Education Sessions Focus on Fraud Trends

FBI Task Force Officer Joel Loranger provided an overview of current fraud trends in Maine and New England during two educational sessions at the League’s Annual Meeting and Convention.

The majority of current fraud-related cases impact the elderly and fall under these categories:

Relationship Fraud

  1. Romance scams
  2. Relative/caretaker fraud
  3. Embezzlement

Identity Theft/Account Breach

  1. Malware through phishing/whaling
  2. Mass data breaches

Mass Marketing Fraud

  1. Police demanding payment of fines
  2. Relatives in jail
  3. Fraudulent medicare supplemental plans

Agent Loranger encouraged the sessions’ attendees to stay vigilant and offered these pro-active measures for consideration:

  1. Ask questions
  2. Take notice of individuals who visit a branch with your members
  3. Password protect all accounts
  4. Use caution on social media sites (don’t overshare!)
  5. Monitor and freeze credit
  6. Always stop and think; if something doesn’t appear right, pause and investigate

There are a number of resources for reporting suspected fraud to law enforcement.  Visit the Justice Department’s website for a list of federal agencies where you can report financial fraud.