According to the Federal Trade Commission $2.6 million consumers reported losing more than $10 billion to fraud in 2023. Have you ever been scammed? Are you prepared to fight against the criminals that are seeking to steal your hard-earned money? Emory Thomas, a retired financial planner & advisor, with decades of experience, shares how to avoid fraud and financial scams on this edition of THE EXPLORING AGING PODCAST, with your hosts Ray Sanders, Dr. Bill Pierce and Greg McNeece.
00:00:00: Introduction to the podcast and the topic of fraud
00:00:31: Guest introduction: Emory Thomas, retired financial planner
00:00:57: Highlights from the previous podcast episode
00:02:05: Welcoming Emory Thomas and co-hosts
00:02:22: Discussion about Emory's background and character
00:02:47: Importance of transferring values along with valuables
00:04:28: Emory as a marketplace minister
00:05:27: The seriousness of fraud and scams
00:06:29: Statistics on fraud from 2022 and 2023
00:07:09: Introduction to Emory's perspective on scams
00:08:45: Phone scam example involving grandparents
00:11:01: The rise of AI in scams
00:13:13: Realistic fake audio and video used in scams
00:15:08: Ways to verify the identity of financial advisors
00:16:05: Advice on being cautious with unknown contacts
00:17:12: Story of a potential phone scam involving the Oklahoma City Philharmonic
00:18:09: Caller ID manipulation in scams
00:19:01: Spotting and defending against phishing emails
00:19:47: Introduction to phone number verification
00:20:24: Complexity of scams and their dangers
00:21:04: Reporting fraud to the FTC
00:23:09: Importance of secure communication
00:24:00: Awareness and steps to avoid scams
00:25:08: Challenges with AI-generated content
00:27:02: Living in a world where you can't trust what you see
00:28:57: Encouragement to live life despite risks
00:30:13: Emphasis on being careful but active
00:31:17: Closing thoughts on healthy skepticism
