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You know “The Grinch,” right? That classic program that’s on during the holidays—about the greedy, mean, heartless character who delights in robbing people blind on Christmas Eve?
There are plenty of real-life Grinches, and this—the holiday season—is their special time of year. The five-week stretch running from Thanksgiving to New Year’s offers them opportunities galore to rip you off. Seniors, who are often targets, should be extra careful about not being taken advantage of.
One reason to be extra vigilant this time of year: The holidays tug at heartstrings, and heightened emotions—happy or sad—can make us vulnerable in certain ways. That’s when the Grinches appear. Let’s review some of their holiday scams:
• Fake charities pop up, and sometimes use names similar to those of well-known organizations to trick you into giving. They might say, for example, that they’re from the “Salvation Armies” (the real charity is “Salvation Army,” of course). Are you sure you’re dealing with a legitimate charity?
• Look-alike websites can trick you. Grinches can create websites that look just like your favorite store or charity. Watch out for URLs (web addresses) that are spelled differently or lack a “https” at the beginning. Don’t do any business on sites that begin with “Http”—look for https in the address (the extra “s” is for “secure”) and for a lock symbol. Look at the end of the web address too: Some fake websites end not in .com, but in .cm. No “o.”
• You’re getting a holiday package, says an email. But it asks you to click on a link to “confirm your shipping address.” Do not click on the link. It’s really a “phishing” scam that will download malware onto your computer to steal your most sensitive personal information and your passwords. Just delete the email.
• E-cards. Similar to the package scam, you might get an email from what looks to be a legitimate restaurant chain or retailer, informing you that you’ve won a gift card. Watch out for two red flags here: the sender’s name might not be evident—and it asks you to share additional information to get the card. Whether this offer comes via email, phone or in the mailbox, ignore it. Delete it. Hang up. Rip it up.
• Letters from Santa: Parents and grandparents might get offers to have personalized letters sent from Santa to a child or grandchild. Sounds heartwarming, right? But Grinches can mimic these offers to get you to hand over sensitive personal information. The Better Business Bureau can tell you which ones are legitimate.
Holiday Grinches can get to you through your mailbox, your phone, and your computer. Just reaching you in any of these ways puts them one step closer to getting their greedy hands on your cash. And talk about chutzpah: Some can even go door-to-door, posing as representatives of fake charities or even real ones, passing out official-looking literature with logos and ways for you to donate.
You’re a good person and your heart may tell you to help. But listen to your brain instead. If someone shows up at your door, never give them any personal information. Never give them cash. Never give them a credit card. And never, never, ever give them a debit card. Never. No exceptions.
I hate to add this at this special time of year, but it’s also important to remember that sometimes seniors can be taken advantage of by those they’re supposed to trust: Friends, family, fiduciary and caretakers—the three Fs and a C problem. A recent article I wrote on this elaborates.
I don’t want to be a Scrooge here. There’s certainly nothing wrong with getting in the holiday spirit and helping others, and if you are able to, please do. There are certainly many people in every community who are down on their luck. It’s a wonderful feeling to be able to help others. I’m just saying that before you open your heart and your wallet, know who you’re dealing with.
Now for my question of the month: What’s the nicest thing you’ve ever done to help someone during the holidays—and what’s the nicest thing someone has ever done to help you? Email me your story and I might use it in a future column: RetireBetterMarketWatch@gmail.com.
