Up to five million older Americans are abused every year, and the annual loss by victims of financial abuse is estimated to be at least $36.5 billion.

People over 60 are often the targets of criminals because they are more financially secure, they may experience memory issues, and they tend to be more trusting.

The following is a review of ten popular scams against older individuals:

1. The Grandparent Scam: The Grandparent Scam may be the most devious because it takes advantage of many older adults’ biggest vulnerability – the love of a grandchild, and the fear of putting them at risk. Scammers will place a call to an older person, saying something like: “Hi Grandma, do you know who this is?” When the unsuspecting grandparent guesses the name of the grandchild the scammer sounds most like, the scammer has established a fake identity without any effort or background research. Once the grandparent “correctly guesses” which grandchild is calling, the scammer will usually ask for money to solve some unexpected financial problem, such as overdue rent, payment for car repairs or even a hospital bill because the grandchild has been in an accident. The funds must be paid via Western Union, MoneyGram, or other similar method. The scammer will also beg the grandparent – “please don’t tell my parents, they would kill me.”
2. The Puppy Scam: Seniors can be particularly vulnerable to pet scams, especially if they have suffered the loss of a loved one and are looking for a companion. Generally, using the internet, a scammer posts a picture of an adorable puppy that is available for an unbelievably low price. There’s usually a heart-breaking background story about why the cute puppy needs a new home ASAP. Once the older person makes contact with the seller (scammer), there will be a number of fees – such as payment of up-front adoption fees, shipping costs, etc. – that must be paid via wire transfer or prepaid debit cards. Then, after those fees are paid, there are often additional fees and multiple delays — such as insurance costs, specialized veterinary care, quarantine costs, etc. In reality, there was never a puppy – and the victim’s money is gone.
3. The Tech Support Scam: Tech support scams targeting older adults are on the rise. Scammers often pose as support or service representatives, offering to resolve issues related to a compromised email, financial account, virus on a computer, or even a software license renewal. These scams usually start with a phone call or a pop-up warning of a computer problem that gives a number to call. The scammers often claim to be Microsoft or Apple – they may even spoof caller ID to make it look like one of these companies really is calling. In another twist, they get people who actually do need computer help to call them by posting phony customer support numbers for well-known companies online. These scammers convince people to hand over remote access to their computer and then make a big show of “troubleshooting.” They may open system folders or run scans that seem to show evidence of a problem. Then they ask for money for supposed repairs and things like fake service contracts.
4. Online Romance Scams: Romance scammers usually create fake profiles on dating websites and on social media sites. While they can be hard to spot, the tactics they use are pretty common, for example:
   • They claim to be living or traveling outside the United States, which allows them to avoid meeting with victims in person.
   • They quickly escalate the relationship by using lots of flattery, professing love and asking to move conversations off the dating service so they can communicate directly by text or email.
   • They make plans to meet in person, but always come up with excuses not to meet.
   • They claim to have a medical emergency or unexpected expense and ask for money. They also might ask for money to pay for a trip together or to come visit. They typically ask for money to be wired or to buy a gift card or cash reload card and provide them with the card number.
   • While the scammers are usually easy to spot from the credit union’s perspective, your members oftentimes do not take kindly to any suggestion that their new love is actually a scam. They remind you that it is their money and they can spend it however they like. While this is true, it doesn’t make watching your member lose their life savings any easier.
5. “The Pigeon Drop”: This scam can take on various scenarios. Generally, the scammer tells the potential victim (“the pigeon”) that they have found a large sum of money and are willing to split it if the victim will make a show of “good faith” by handing over cash to the scammer to hold while they are determining how to split the money. For example, this scam often occurs in a store parking lot, where the scammer approaches the selected victim, usually an older person, and claims that they have just found a bag, briefcase or envelope and asks whether it belongs to the victim. When they look inside the bag for identification they find what appears to be a large amount of cash with some indication that it comes from an illegal activity, such as gambling or drug money, so returning the money is impossible. The final step is the request that each of the people who “found” the money offer some kind of deposit of their own money to show good faith that they will split the money. Once the victim provides their “good faith” cash, the scammers deftly switch out the “found money” for a look-alike bag or envelope full of useless paper. The scammers are long gone with the victims “good faith” money before the victim determines that the “found money” has been switched.
6. Email/Phishing Scams: In this scam, a senior receives email messages that appear to be from a legitimate company or financial institution, asking them to “update” or “verify” their personal information. In one of the variations of this scam an older member may receive an e-mail that appears to be from the IRS about a tax refund and requests personal information to receive the funds. As you know, the IRS never sends such e-mails.
7. Investment Scams: Because many seniors find themselves planning for retirement, a number of investment scams have been targeting seniors as they are looking to safeguard their cash for their later years. From pyramid schemes like the one that made Bernie Madoff infamous to stories of a Nigerian prince looking for a partner to claim inheritance money, investment schemes have long been a successful way to take advantage of older people.
8. Homeowner-Related Scams: Scammers like to take advantage of the fact that many people above a certain age own their homes, a valuable asset that increases the potential dollar value of certain scams. A couple of home-related scams include:
   • A property tax scam where scammers send personalized letters to different properties apparently on behalf of the County Assessor’s Office. The letter, made to look official but displaying only public information, identifies the property’s assessed value and offers the homeowner, for a fee, to arrange for a reassessment of the property’s value and therefore the tax burden associated with it. The fee must be paid in advance, and after payment is made the victim never hears from the “Assessor’s Office” again.
   • With legitimate reverse mortgages on the rise, scammers are taking advantage of this new popularity. As opposed to official refinancing programs, however, unsecured reverse mortgages can lead property owners to lose their homes when the scammers offer money or a free house somewhere else in exchange for the title to the property.
9. Sweepstakes & Lottery Scams: This simple scam is one with which most credit unions are familiar. In this one, scammers inform the older member that they have won a lottery or sweepstakes and must make some sort of payment, for example to cover the taxes, before they can collect the winnings. To lend credibility to the scam, seniors will often be sent a check, representing partial payment of the winnings, that they can deposit into their credit union account. Before the check has time to be rejected as fraudulent, the scammers will quickly collect money from the older member for the supposed fees or taxes on the prize. When the check bounces, the scammers are long gone and member is out all of the “tax and fee’ money they paid the scammers.
10. Funeral Scams: The FBI warns about two types of funeral-related fraud often used against seniors. In the first one, scammers read obituaries and call or attend the funeral service to take advantage of the grieving widow or widower. The scammer claims that the deceased had an outstanding debt with them, and will try to extort money from relatives to settle the fake debts. In another common scam, funeral directors will insist that an expensive burial casket is necessary even when performing a direct cremation. In reality, cremation can be accomplished with an inexpensive cardboard casket.

All members should be on the lookout for any red flags that may indicate your family members are being defrauded. Educate your family on the latest scams, warn them if you see suspicious activity and when appropriate, file a Suspicious Activity Report with FinCEN and notify your local Adult Protective Services agency.

Originally written by Colleen Kelly of CUNA

Bronco is proud and excited to announce the winners of our 2022 Scholarships. Congratulations to these students and we wish them best of luck as they move into the next phase of their academic lives!

$5,000 John Alan Glasgow Scholarship
Ethan Skinner – Southampton High School – Virginia Tech
William Butler – Southampton High School – University of Virginia

$3,000 Charles A. Wrenn Scholarship
LaNiyah Hunter – Franklin High School – North Carolina Agricultural and Technical State University

$3,000 James C. Copeland Scholarship
Christian Kizer – Southampton High School- University of Virginia

$2,000 Robert T. Petty
Alivia Garris – Windsor High School – Paul D. Camp Community College

$1,000 Bronco Federal Credit Union Scholarship
Dalton Gillette –Southampton High School – Virginia Commonwealth University
Ethan Phelps – Windsor High School – Longwood University
Mason Starkweather – Appomattox Regional Governors School – Liberty University
Lorraine Upton – Isle of Wight Academy – University of Lynchburg

Bronco’s annual “Together We Can” campaign was both a loan promotion, and more importantly, a fundraiser to collect canned goods and non-perishable food for the Franklin Cooperative Ministries. FCM’s goal since 1991 has been to support people facing emergencies without fostering dependency.

To provide an incentive for our food drive efforts, we offered discounts on vehicle, personal and RV loans to our members who brought in donations for the drive. And as usual, our members, staff and other donors responded in full force, bringing in a total of 4,100 pounds of food.

THANK YOU TO ALL OF OUR GENEROUS PARTICIPANTS.

Our Bronco Mobile app has been updated to version 21.2. This version does NOT support iOS 12 or Android 7. If you are using a device with iOS 12 or Android 7, you will need to update your device prior to installing Bronco Mobile 21.2.

You’ve asked and we heard you! We’re in the process of implementing an additional layer of security to our VISA Credit and Debit Cards that will allow us to inform you via a text message when there has been suspicious activity on your card(s).

When a suspicious transaction triggers a fraud case to be opened, you’ll receive a text asking if the charge is valid. If you respond, “YES,” then we’ll send through another text telling you that you may continue using your card. If you respond, “NO,” then we’ll send you a text letting you know that we’ve placed a block on your card, and we’ll provide you with a phone number to call.

This new feature will eliminate the hassle of having to contact us to request an override for a legitimate purchase, if fraud has been suspected. If you have any questions please feel free to contact us by calling 757.569.6000.

We are proud to announce the following recipients of this year’s scholarships. Congratulations to all of you!

John Alan Glasgow Scholarship
$5,000 – Brendan Old – Nansemond River High School
$5,000 – Mackenzie Griffith – Southampton High School

James C. Copeland Scholarship
$3,000 – Alexis Clapp – Southampton High School

Charles A. Wrenn Scholarship
$3,000 – Kayla Felts – Franklin High School

Robert T. Petty Scholarship
$2,000 – Jahmajae Bynum – Franklin High School

Bronco Federal Credit Union Scholarships
$1,500 – Haleigh Thorpe – Southampton High School
$1,500 – Abby Pearce – Southampton Academy
$1,000 – Ben Grady – Nansemond Suffolk Academy

Updated April 8, 2021

We have been made aware of a potential scam that has affected a few of our members, involving individuals attempting to gain your personal information and Bronco account information. Sometimes the scammers are “spoofing” Bronco-related phone numbers. They are able to make it appear as though they are contacting you from one of our numbers. We want to give you the resources that you need to avoid these scams.

You may receive an automated call from our Fraud Prevention Department to verify suspicious charges. The automated dialer will ask you to confirm your zip code and no other personal information, unless you confirm that a transaction is fraudulent. You will then be transferred to a live agent. You will only be asked to confirm or deny charges that were recently made to your card.

We will NEVER ask for your card number, your PIN, or the CVV (the 3 digits on the back of the card), nor should you ever provide that information over the phone.

If you are unsure if the call you have received is legitimate, please do not continue to answer questions. Hang up and call us back at 757-569-6000 and ask for the Card Services Department. If an incident like we’ve described were to occur during weekend hours, please call one of the two phone numbers listed below:

Debit Card 1-800-554-8969
Credit Card 1-855-574-1509

We’ve just awarded $23,000 in scholarships to 10 extremely talented, involved and motivated high school seniors:

John Alan Glasgow Scholarship
$5,000 – Christopher Newsome – Southampton Academy
$5,000 – Dustin Cutright – Southampton High School

Charles A. Wrenn Scholarship
$3,000 – Bryce Simms – Southampton High School

James C. Copeland Scholarship
$3,000 – Abbey Balance – Southampton High School

Robert T. Petty Scholarship
$2,000 – Dale Vick – Southampton High School

Bronco Federal Credit Union Scholarships
$1,000 – Jack Van Straten – King’s Fork High School
$1,000 – Ashlynn Pearce – Southampton Academy
$1,000 – Emma Hoctor – Appomattox Regional Governor’s School
$1,000 – Errika Lane – Southampton High School
$1,000 – Kristen Holt – Southampton Academy

We know this has been a uniquely challenging and stressful time to be a student—especially for high school seniors. But, we are pretty certain that nothing is going to stand in the way of these richly deserving scholarship winners.