Legacy Private Trust Company is committed to safeguarding the financial well-being of families, especially during grief and their most vulnerable moments. It is with this commitment in mind that we wish to highlight a recent advisory from the Federal Trade Commission (FTC) regarding a particularly reprehensible scam that preys on families during their time of mourning and grief.
A New Low in Scams: Exploiting Grief
This new deceit involves fraudsters impersonating funeral home staff, deceitfully informing families that additional payments are urgently needed to avoid the cancellation of funeral services. This manipulative tactic, as noted by the FTC, deserves notoriety for its sheer callousness, earning it a place among the most shameful scams.
Scammers exploit the detailed information found in obituaries, including funeral arrangements, to target grieving families. Grief is a time when emotions run high, and the capacity for clear, rational decision-making can be severely compromised. The urgency fabricated by the scammer’s demand for immediate payment further exploits this vulnerability.
FTC’s Advice: How to Protect Yourself
In response to this and similar internet scams, the FTC offers vital guidance to protect oneself:
- Do Not Rush: An ethical business will always allow you the necessary time to make informed decisions without pressure.
- Verify Independently: Should you receive such demands, directly contact the funeral home through verified contact details you have, rather than any number provided by the caller or sender.
- Question Unusual Payment Requests: Be highly skeptical of requests for payment through unorthodox methods such as gift cards, wire transfers, or cryptocurrency. These methods are favored by scammers for their difficulty to trace, complicating efforts to hold them accountable.
Empowerment Through Education
In observance of Financial Literacy Month, the FTC has also made available additional resources to educate the public on protecting their financial health against fraudulent schemes. These resources can be found at their official site, offering guidance and support to navigate financial challenges wisely.
Legacy Private Trust Company urges everyone to remain vigilant and informed, reinforcing our shared defense against those who seek to exploit moments of grief for their gain.
If you are a Legacy client and have questions, please do not hesitate to contact your Legacy advisor. If you are not a Legacy client and are interested in learning more about our approach to personalized wealth management, please contact us at 920.967.5020 or connect@lptrust.com.
This newsletter is provided for informational purposes only.
It is not intended as legal, accounting, or financial planning advice.
