Financial fraud and cybersecurity have been in the spotlight more and more as a result of the Equifax credit bureau breach, in which millions of consumers had their personal information made public due to a data breach by a company that gathered credit information, including Social Security numbers.

Even smart, savvy individuals need to better understand the signs of financial fraud, according to experts with the Securities Division of the New Mexico Regulation and Licensing Department. Cybersecurity and financial issues, especially for seniors, is gaining attention, even among those who define themselves as sophisticated investors.

Brandon Toensing, a regulatory attorney with the Regulation and Licensing Department Securities Division, said there is still a stigma of reporting financial crimes, as many victims feel vulnerable and embarrassed. But he said the number is growing and urges those victimized to come forward. To help make information about financial crimes easier to report, the state has built a website, redflagsnm.org.

“People haven’t thought about this being as much of an issue as it is,” he said.

Benjamin Schrope, acting director of the Regulation and Licensing Department, said there is no surefire way to protect anyone from a financial crime — even those who unplug from the internet and electronic banking and carry a large amount of cash are vulnerable. But senior citizens, he said, are targeted more often for a reason: They have more money.

“The elderly has the assets, the younger generation has the debt. What are you going to steal from them?” Schrope said.

Both men urged caregivers and other professionals to be alert for signs that an older friend or relative is being victimized. Among them:

>> The recent loss of a spouse or partner that makes the elderly feel more isolated;

>> Excessive anxiety about finances;

>> The willingness to listen to telemarketers or other calls from unknown parties to attend free seminars or enter into sweepstakes;

>> Pressure from caregivers or relatives to share money;

>> An overdependence on someone to provide everyday care, transportation or other services.

SECURITY TIPS FOR SENIORS

** Don’t be a courtesy victim: Older generations were taught to be courteous at all times, whether guests visit them in person or contact them by phone. Con artists often take advantage of these overly accommodating seniors, exploiting their good manners to get at their money. The best response is to hang up the phone.

** Check out strangers touting odd deals: Don’t feel pressured by someone who asks you to make an immediate decision, giving you no chance to check out the salesperson, firm and the investment opportunity itself. Instead, get written information about the investment, review it, and make sure that you understand all the risks involved. The Regulation and Licensing, Securities Division can tell you if the investment is registered or not.

** Watch out for salespeople: Con artists play on older people’s concern that they will either outlive their savings or see all of their financial resources vanish overnight as the result of a catastrophic event, such as a costly hospitalization. Playing on these fears of running out of money, swindlers often pitch schemes as a way for the elderly to build up their life savings to allay fears of running out of money.

** Don’t let embarrassment or fear keep you from reporting fraud or abuse: Some senior citizens fail to report that they have been victimized for fear that they will be judged incapable of handling their own affairs. Other seniors believe that their victimization will be viewed as grounds for forced institutionalization in a nursing home or other facility. Con artists count on these sensitivities to prevent or delay the elderly from reporting the scam to authorities.

Source: The Regulation and Licensing Department Securities Division