TD Bank, 60th Police Precinct, and Be Proud, Inc. host seminar on preventing financial fraud   

A second seminar focusing on protecting older adults and seniors — hosted by Be Proud, Inc., the not-for-profit organization, TD Bank, and the 60th Police Precinct’s Community Affairs Bureau — this time dealt exclusively with financial fraud.

The aforementioned organizations hosted the free educational event the afternoon of Feb. 7 at Hanna Z Social Adult Daycare in Gravesend, for more than 50 older adults and seniors from the neighborhood and surrounding areas, providing them with tips to prevent them from becoming victims.

The seminar covered various types of financial fraud, but most notably identity theft, which can lead to loan fraud, credit fraud, and bank scams. 

Identity theft refers to any kind of fraud committed by stealing personal information. An identity thief uses personally identifiable information — such as one’s name, birthday, and Social Security number  — to gain access to their accounts and assets, draining their bank account, opening new loans in a person’s name or maxing out their credit card. 

Criminals might also target the victim with a phishing attack where they email, call, or text pretending to be from their bank. 

“Identity theft scams often happen with an email or a phone call,” Alex Zhorov, president of Be Proud, Inc. and VP of TD Bank, told the audience, adding that the police department or another federal or city agency will never call asking for money. 

“If someone calls and asks you for money, the number one thing you can do is hang up,” Zhorov explained.  “You may get a call from ‘Con Ed’ to pay a bill or they will discontinue your service. But no utility company will ever do that.” 

Zhorov also said to keep an eye out for such red flags as unfamiliar transactions on your credit card; strange charges on your bank statements; new credit cards or loans in your name; and missing or error-filled tax returns.

Should one become a victim of financial fraud, there are various actions that can be taken depending on what fraud a criminal has committed. But in all cases, it is imperative to contact all impacted companies and financial institutions; file an identity theft report with the Federal Trade Commission at IdentityTheft.gov.; file a police report with local law enforcement; and freeze or cancel affected accounts. 

“Believe it or not, I was once a victim of fraud as well,” Zhorov said. “And I only say that because I work in a bank — but it can happen to anyone; it’s unfortunately very common these days.”