🍽️ Don't Fall for These Scams

Welcome back, Future Funder!

This week we’re diving into a world where scammers play government agents and love interests, all gunning for your hard-earned nest egg. But don't fret! We’re arming you with the 411 on encryption, and covering everything from Apple's new quantum-proof messaging to the soaring costs of OJ. For desert - Alice in Wonderland with a twist 🐰

On the menu today

• 🚨 Retirement scams on the rise

• 🔐 Encryption for dummies

• 📱 Apple security gets an upgrade

• 📰 Roundup: Home, mortgages, OJ

• 🐰 Alice's encrypted Wonderland

FAMILY FORCAST

Scam Alert - Romance Ruses Rob Retirements 💔

Hold onto your wallets, retirees! Your hard-earned nest egg might be the next jackpot for some seriously sneaky scammers. From phony government agents to digital Casanovas, fraudsters are getting craftier than ever in their attempts to separate seniors from their savings.

Top Tricks on the Rise

• Government Imposter cons: When helping the feds costs more than your taxes

• Romance ruses: Where "happily ever after" meets "empty bank account"

• Precious metals fraud: Turning your gold into their payday

• Tech support trickery: When "fixing" your computer empties your wallet

Picture this: Last month, Barry Heitin, a 76-year-old retired lawyer, thought he was living out a spy movie. For three months, he played along with what he believed was a top-secret government operation.

Plot twist… he was actually the star of an elaborate scam that cost him $740,000 of his retirement savings. It's like Ocean's Eleven, but instead of casinos, they're robbing grandpa's 401(k).

As I dug deeper into this rabbit hole, I couldn't help but think of my own parents and in-laws. How many of us have had that nagging feeling that our loved ones might be one phone call away from a financial disaster?

Eye-Opening Fraud Facts 👀

• $9.3 million: Lost to elder fraud every day in the US

• Only 1 in 44 cases of elder financial abuse is ever reported

• Approximately 1 in 10 Americans aged 65+ will become a victim of elder financial abuse

Be Prepared. Let's face it, we can't bubble-wrap our parents (though sometimes we wish we could). But we can arm them – and ourselves – with knowledge and tools. Here's your action plan:

1. Set up a password manager for your family. It's like a digital Fort Knox for all those pesky passwords.

2. Schedule regular "tech check-ups" with your parents. Think of it as a virus scan, but for their online habits.

3. Enroll in AARP's free Fraud Watch Network. Helps to stay up to date and have a scam-spotter on speed dial.

4. Have "the talk" – no, not that one. The financial safety talk. Use our Family Finance Discussion Guide to break the ice.

5. Set up fraud alerts on your parents' accounts - that get sent to you. A second opinion on suspicious activity never hurts.

Remember, staying informed is your best defense. Don't let your family's hard-earned savings become another statistic in the scammer's playbook.

Dinner Table Discussion: Go around the table. Which family member do you think is the best at spotting scams? What can we learn from them?

THIS WEEK’S POLL

*One-click, easy voting. Remain anonymous.

Our last poll, we asked: "How do you think the retirement of baby boomers will affect overall wage trends?"

Here's what you all had to say:

While we had a mixed bag of results, over 64.4% of you believe we’re leaning towards a moderate to significant increase 📈 in wage trends on the horizon, alongside needing added training for the knowledge gap that’ll be left behind.

On the other hand, many of you also brought up the idea that companies may claim ‘savings’ on the difference between older and younger employees. The jury’s out on this one.

BACK TO SCHOOL

Today's Lesson: What is Encryption? 🔐

Encryption is like a magical invisible safe that follows your family's messages and financial information around the internet. Only you and the intended recipient have the special key to open it. Pretty cool, right?

In simple terms: Encryption is a process that scrambles your data into a secret code, making it unreadable to anyone who might intercept it. Think of it as the digital equivalent of your kids' secret clubhouse password – but way more sophisticated.

Why You Should Care: In our digital world, encryption is your first line of defense against scammers and identity thieves. It keeps your online banking, shopping, and even those embarrassing family photos secure from prying eyes.

Without encryption, sharing sensitive information online would be like shouting your credit card number in a crowded mall!

Let's break it down:

• Encryption turns your data into a jumbled mess that looks like alphabet soup to hackers

• It's the reason you can safely shop online without worrying about your credit card info being stolen

• Encrypted messaging apps keep your family chats private

• When you see a little padlock 🔒 in your browser's address bar, that's encryption at work

Getting Started with Encryption:

1. Secure web browsing: Use HTTPS Everywhere, a browser extension that ensures encrypted connections when available.

2. Encrypt emails: Try ProtonMail for end-to-end encrypted email communication.

3. Secure messaging: Switch to Signal for encrypted text messages and calls.

4. Password protection: Use a password manager like LastPass to generate and store strong, unique passwords for all your accounts.

ENCRYPTION - IN THE NEWS

Digital Locks Level Up: Family Edition 🔒

Remember that magical invisible safe we talked about? Well, Apple's just supercharged it. They've rolled out a nifty feature called PQ3 for iMessage, which is like giving your iPhone a secret handshake that even quantum computers can't crack. Perfect for those times when you're about to spill the tea on the latest HOA gossip.

But it's not all about fancy tech. The Identity Theft Resource Center's 2024 predictions are painting a picture that's part sci-fi, part crime thriller. They're saying we'll be hearing a lot more about AI and biometrics in the identity theft world. Bad guys are leveling up, but so are our defenses.

Speaking of defenses, parents, it's time to put on your cyber-superhero capes. With kids diving into the digital pool earlier than ever, we need to teach them to swim before they sync. Remember, in the online world, personal information is like money – and we wouldn't hand our kids a blank check, would we?

_{*One-click, see result. Remain anonymous.}

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LET’S GO AROUND THE TABLE

Everything else you need to know today

• Home Sweet Expensive Home. Homeowners, brace yourselves. Property values are outpacing incomes, leading to higher taxes and insurance costs. Time to reassess your budget and chat with your realtor.

• Mortgage Rates Tumble. Good news for house hunters. Mortgage rates have dropped to their lowest level in over a year. If you've been waiting to buy, now might be your chance.

• OJ Prices Squeeze Wallets. Breakfast just got pricier. Orange juice costs are soaring due to crop diseases and weather woes. Maybe it's time to switch to apple juice?

• Recession Radar: Sahm Rule. Economic nerds, listen up. The Sahm Rule is a unique way to spot recessions early. Coming off the worst performing market week since 2022, this is one economists perspective.

CREATIVE FINANCE - ART EDITION

Alice in Encryptionland & The Mad Hacker 🧠🤝

🧙‍♀️ Your wish is our command

Thanks for reading.

Until next time!

The Future Funders Team 🍽️

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