20 THE QUEENS COURIER • APRIL 18, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
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Co-Author of the
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“Breaking the Tax Code”
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Salvatore P. Candela, EA, ATA, ABA
Enrolled Agent - Tax Advisor
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TAX TIPS
Spotting
Fraud
Victims
BY JOHN SAVIGNANO, CPA
Thousands of Americans fall victim to various fraudulent
scams every year. New communications technologies have
sparked a proliferation of telephone impersonation scams,
malware computer hijacking, email scams, identity theft, and
lonely-hearts cons.
These scams have one thing in common: the use of fear,
confusion and desperation to separate vulnerable people from
their money. A new class of international cybercriminal, adept
at exploiting security flaws and legal loopholes, is finding
creative ways to pilfer and launder money.
Technology’s expanded reach widens the potential victim
pool, allowing criminals to steal a little bit from a lot of people.
If you think about how many people this is touching, those
$3,000 or $4,000 are perfect amounts because very quickly they
add up. Incremental scams often fail to trigger law
enforcement’s investigative thresholds, and the crimes can
often go uninvestigated.
That often leaves it to caretakers and accountants to be
watchful for victimization, but these smaller amounts may be
harder tosspot from an accounting standpoint as well.
However, these are subtle signs of fraud victimization to watch
out for, experts say, including the following:
Sudden Secrecy
Scam victims often feel considerable shame and
embarrassment for falling prey to criminals, according to a
recent study by Barclays, and victims will hide that from
others, said Amy Nofziger, regional director with the AARP
Fraud Watch Network.
“Are they secretive with their phone or are they on their
phone a lot?” she said. One of the things we know about
scammers is that the scammers will continuously have the
victim on the phone.
Abrupt Changes in Financial Behavior
Pay attention to a client’s suddenly needing more money for
fixed expenses, asking to move significant amounts of money
around, or expressing new financial worries.
Listen for signs like saying “I am a little short this month;
when you know that their expenses are usually pretty
constant”.
Isolation
Be aware of a client’s social interactions. There is a higher
chance of falling prey to a scammer if a client is isolated
physically or socially. The scammers always say that they have
the best luck with people who are alone.
John Savignano is a partner with Savignano Accountants &
Advisors located at 47-46 Vernon Blvd., Second Floor, in Long
Island City. If you have any questions or require additional
information, please call John at 718-707-0955.
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