Meridian Blog

With April being National Financial Literacy month, we’ve been writing about things you should know about as a financially literate adult…and how to protect yourself and your money from the innumerable bad actors in the world is super important. So, for today’s blog, we wanted to tap into the knowledge and expertise of our newest Meridian team member, Liz Witt-Lee.

Nathan and I have known Liz for many years…fun fact, she was our original director of marketing when we launched Meridian in 2015!  Liz left Meridian in 2019 to flex her project management skills at several software development and government contractors. Returning to Meridian, Liz brings a great depth of technical expertise in her new role as Director of Strategy—and her personal story of assisting her mother stay safe in a digital world has impacted how we advise our clients prepare for their own health emergencies.

Welcome, Liz—and thank you for tackling this big subject!
— Sarah

“Lizzie, I’ve been hacked!” – I will never forget how my heart plummeted when I heard these terrified words from my mother a few years ago. My mom, “Mama Kay”, had fallen victim to something called a Tech Support scam, falsely believing the scammer on the other end of the phone needed money to fix her computer. Unfortunately, her story is not unique. Spoiler alert: her story has a positive outcome, and as with most stories like this, there are major takeaways from the lessons learned, which I hope to share with you here.

It’s tempting to think only seniors are vulnerable – and on the face of it, this feels true. Seniors are at risk for a couple of reasons – they generally have more money in later stages of life and they tend to be less tech savvy. Here’s the rub though: everyone is at risk and needs to be diligent, no matter their age. In fact, you’d be hard pressed to find someone who hasn’t had some experience, or a near miss, with these kinds of scams.

According to the Federal Trade Commission (FTC), American consumers reported losing more than $12.5 billion to fraud in 2024, which is up 25% from 2023. Education is the absolute best way to protect against bad actors. They are smart – constantly coming up with new and inventive ways to take advantage of people. Unfortunately, there are so many schemes out there, we couldn’t possibly cover them all here. Meridian’s goal, and my personal mission, is to provide ongoing awareness and share helpful resources around digital safety to our community.

What is a scam? 

According to Schwab, a scam is a “dishonest or fraudulent scheme.” Typically, victims are convinced (or tricked) into sending money or providing personal information after a bad actor engages with them, making them believe they are a trusted source.

In today’s digital world, fraudsters (aka scammers, hackers, bad actors) use all available communication mechanisms including email, mail, social media, telephone, and text to interact with potential victims.

One thing to be aware of when it comes to any type of fraud or scam, is that if you knowingly give your account credentials (even to a bad actor) you may be liable for the loss. Always, always use caution.

Common Scams

I could write for days and days about all the different scams, they are so numerous. Below I am sharing three of the most common types of scams everyone should be aware of, along with prevention tips, general best practices for digital safety and what to do if you feel you have been a victim of a scam.

Romance, Marriage, or Sweetheart Scams

These types of scams are the most common across all generations. Fraudsters seek out emotionally vulnerable victims – often through dating sites – but they also use common platforms that have messaging or chat features, including social media and gaming sites. Using information they glean from on-line profiles, they endear and manipulate their victims, often developing an intense relationship quickly. A key red flag for romance scams is the avoidance of in-person interactions – scammers insist on only communicating on messaging apps or other online channels.

After cultivating an emotional attachment, and building trust with their victims, scammers ask for money for an emergency such as being stranded or detained, or a medical bill, with the promise to repay. But repayment never comes.

Protect Yourself

• Do independent research online to verify an individual’s identity. About 15 percent of the online dating profiles are fraudulent according to the Better Business Bureau.
• Ask questions and note any inconsistencies, red flags, or when something just “seems off”.
• Use caution when sharing personal information, especially to someone you have only met online.
• Do not send money to anyone you have not met in person.

Tech Support Scam

This is the type of scam that Mama Kay fell victim to. In this scheme, scammers use our general fear of computer viruses and hackers to attempt to steal money or identity. Scammers use a pop-up window on the device stating that it has been compromised with a virus. They may also call on the phone to “inform you” of the virus. To add a sense of legitimacy and trust, they may pretend to be connected with well-known technology companies like Apple, Microsoft or Amazon, or even familiar software security companies like Norton or McAfee.

Now you’re scared and they have you where they want you. The scammer offers to “help” and remotely login to your computer, under the guise of running “tests” which then detects phony malware or viruses. They then weave more lies and convince their victims their funds are in jeopardy and urgent repairs are needed, and they must act urgently by sending money (to a third-party) for repairs. There is almost always a sense of urgency that the resolution must be immediate, and in many cases, they insist on secrecy or they won’t be able to help.

A key red flag for tech support scams is the urgency to call a tech support number right away – legitimate warnings (from antivirus software or operating systems) do not ask you to call for support. Legitimate tech support companies will not proactively reach out to users via phone call.

Protect Yourself

• Have adequate internet security/virus protection from a well-known, reputable source.
• Don’t click links in a pop-up virus alert – even to close the window. This could redirect you to a scam site or launch a continuous dialogue loop serving up pop-up messages.
• Do not give remote access to your computer or provide information to unsolicited callers.
• Don’t rely on CallerID. Spammers use a technique called “spoofing” to make it seem as though they are calling from a legitimate company. If you receive an unsolicited call, hang up and call the company at a number you know to be correct.

Impersonation Scam

Commonly referred to as “Grandparent Scams”, these types of scams are becoming more and more common and sophisticated, according to the FTC. With impersonation schemes, fraudsters pretend to be a loved one – such as a grandchild or other close relative – in a crisis situation with an urgent request for money. In many cases, they pretend to have been in an accident or arrested. They rely heavily on exploiting our emotions, and almost always request secrecy — “please don’t tell mom and dad!” – to get victims to wire money or send gift cards for payment.

In a variation of this fraud scheme, fraudsters may pose as a long-lost friend, or even the child of someone you once knew, requesting money for upfront taxes on an estate. Promising to pay it back once the money comes their way. But it never does.

Protect Yourself

• Never trust the voice. Bad actors often use artificial intelligence (AI) along with short audio or video clips to “clone” a loved ones voice. Call the person who contacted you using a phone number you know is theirs.  
• Don’t rely on CallerID. Spammers use a technique called “spoofing” to make it seem as though they are calling from a legitimate company. If you receive an unsolicited call, hang up and call the company at a number you know to be correct.
• Beware of a sense of urgency. Always use caution if you are being pressured for information or to send money quickly.

General Best Practices

Following these best practices can go a long way in helping you keep your money and your personal information safe from bad actors.

• Be cautious about sharing sensitive or personal information via email because this is usually not a secure method of communication. *Please note that Meridian emails are sent securely and files are encrypted from the time we send them until opened
• Never disclose personal information on social media sites, including birth date, contact information, or your mother’s maiden name. And be careful of the internet personality quizzes! All of this data can be mined by cyber criminals to use against you.
• Check your email and account statements regularly for suspicious activity.
• Verify payment requests received by phone or email. Bad actors regularly request payment via gift cards, pre-paid debit cards or digital currency.
• Never open an email attachment from someone you don’t know, and verify attachments forwarded to you.

Next Steps If You Feel You’ve Been a Victim of a Scam

If you suspect fraud, it’s important to stop communicating with the scammer right away. Then, take stock of the situation. Determine whether your personal or financial information has been comprised. If you suspect it has, or know it has, take the following first steps:

• If a criminal gains access to your financial accounts, or device, immediately contact your financial institution to place protections on your accounts. This may involve closing accounts and setting up new accounts.
• Monitor your accounts and personal information for suspicious activity. You can contact each of the three credit bureaus and place a fraud alert on your account. A fraud alert lets lenders know that you may be a victim of fraud, and to verify your identify before granting credit.
• You should also contact your local police or sheriff’s office to make a report.

If you suspect a scam, you can report it to the Federal Trade Commission. This is helpful for tracking and preventing future fraud. This site also provides valuable information and resources in the event of a comprise as well.

So what Happened with Mama Kay? 

In my mom’s case, we followed the steps outlined above, and in the end, she did not lose any money. This was a positive outcome for her, however, certainly many are not so lucky.

In our journey, I am grateful my mom felt comfortable coming to me, but sadly, that’s not the case for many people. There’s generally a feeling of shame around falling victim in this way, and/or a fear of loss of independence (“I can’t say anything, my daughter will think I’ve lost my mind!”).

If you have seniors or vulnerable people in your life, be sure to keep the lines of communication open and don’t assume they know how to protect themselves. You cannot communicate enough in this regard.

Final Thoughts 

We live in a digital world – it’s next to impossible to eliminate technology from our lives. Nor would we want to – at the most basic level, it helps us stay connected with friends, colleagues and family in an age where you can live and work anywhere! This makes it all that much more important to be vigilant and proactive with our personal and private data – awareness is the one of the most important things we can do to protect ourselves from becoming a victim.

If you need additional information or resources, please reach out. We are happy to help.