We all have to be aware of potential scams these days, especially those directed at the elderly. They are not going away anytime soon. Plus, your knowledge may help a family member or friend (or yourself) avoid being defrauded.

To give you some perspective, more than 800,000 complaints of cyberattacks and cyber-enabled fraud were reported to the FBI in 2022, with a potential total loss of more than $10 billion, according to the recently released annual report by the Internet Crime Complaint Center (IC3) (tinyurl.com/ykh6xhwz).

Among age groups, those 60 and older reported more than 88,000 complaints (second highest behind ages 30-39) and had the highest total of losses, at $3.1 billion. Investment scams were atop the list for all ages when it came to the amount of money victims lost, at more than $3.3 billion.

The pursuit of older people’s “nest eggs” is one of the fastest-growing consumer fraud issues, according to olderadultnestegg.com, which adds that “(O)ne out of 20 older adults in the U.S. is a victim of financial exploitation.” The website is led by Dr. Peter Lichtenberg, a researcher who focuses on financial decision-making, financial exploitation and financial capacity in older adults.

It turns out that there may actually be a way to help assess your vulnerability tofor being scammed. Dr. Lichtenberg, who served as a panelist at the Financial Industry Regulatory Authority’s March 27 Senior Investor Protection Conference, shared a tool that you can try yourself. (Go to tinyurl.com/muswy7c7 to take the Financial Vulnerability Survey.)

Here are a few examples:

How worried are you about having enough money to pay for things?

a. Not at all worried; b. Somewhat worried; c. Very worried.

Overall, how satisfied are you with your finances?

a. Satisfied: b. Neither satisfied nor dissatisfied; c. Dissatisfied.

How often do you wish you had someone to talk to about financial decisions, transactions or plans?

a. Never or rarely; b. Sometimes; c Often.

Have you noticed any money taken from your bank account without your permission?

a. No; b. Yes

How often do your monthly expenses exceed your regular monthly income?

a. Never or rarely; b. Sometimes; c. Often.

Your answers will lead to a report and a score, ranging from Low Risk (“reduced risk of financial exploitation”); to Moderate Risk (“mildly increased risk of financial exploitation”); to High Risk (“a greatly increased risk of financial exploitation”).

Especially for those that score High Risk, it’s important to read the report for next steps, recommendations and resources. That information can help you make healthy changes.

There are additional resources, of course. Here are a few from the other panelists at the FINRA conference: The North American Securities Administrators Association’s Serve Our Seniors website (tinyurl.com/yjyvexzz), and AARP’s Fraud Watch Network (tinyurl.com/u7u35huk) and Fraud Watch Network Helpline at 877-908-3360. Also, FINRA has a hotline for senior investors who might have issues with brokerage accounts and investments. The number is 844-574-3577, and you can find more details about it at tinyurl.com/434uze58.

Finally, if you have been a victim of a scam, don’t be embarrassed to report it to the Department of Justice’s National Elder Fraud Hotline (833-372-8311), which is “for people to report fraud against anyone age 60 or older.” Or report to the Federal Trade Commission at ReportFraud.ftc.gov.

By being more knowledgeable about the circumstances that can make one more vulnerable to being scammed, you can become more alert to possible danger.

By reporting a scam, you can possibly prevent someone else being a future fraud victim.

On a different note, if you would like to “attend” a virtual 30-minute presentation on different targeted topics, send me an email (readers@juliejason.com) asking to be added to my email invitation list.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

My recent column ("Wills: Should You Communicate Your Wishes With Your Children?") piqued the interest of a reader who expressed strong views about inheritances. (If you missed the column, let me know at readers@juliejason.com; I'll send you a copy.)

"Robert," who is in his 80s and well-to-do, believes that parents should tell their children NOT to expect an inheritance. (After all, how many people do receive inheritances?)

Let me share his point of view:

"A glaring omission in your latest column concerning communication with children about estate planning is the philosophy of some that once education is paid for, one's financial obligations to heirs is over.

"In fact, for many families, even higher-education expenses are NOT paid by the parent, with no great ill effect.

"For some children, the expectation of an inheritance removes their incentive to become successful on their own, and that needn't be in a monetary sense.

"Far better is to communicate that there will be NO monetary inheritance -- rather, charities have already been chosen."

Robert is not alone, of course, in his point of view.

Take singer Marie Osmond, who told US Weekly in January 2023 that she will not be leaving her children an inheritance, saying, "I don't know anybody who becomes anything if they're just handed money." She added, "I just think all [an inheritance] does is breed laziness and entitlement" (tinyurl.com/27t6xuas). This is a high-net-worth concern, since the size of the inheritance could affect the recipients' attitudes toward it.

Robert's intention to leave his estate to charity can benefit many more people than just family. Cancer research, local hospitals, children's causes, libraries, museums, schools, financial literacy education -- all are avenues where societal "good" can be achieved with an inheritance.

Of course, charitable causes can also be funded during one's lifetime, which presents an excellent opportunity to talk with kids about giving back rather than just receiving.

That can set children on a similar path. A 2018 Fidelity Charitable study titled "Family Giving Traditions" showed that those who grew up in families with strong giving traditions are more likely to give more to charity today. Thirty-eight percent of those who grew up with strong giving traditions said their parents inspired them the most in their charitable giving, versus 14% of those who cited their parents' influence but did not grow up with strong giving traditions (tinyurl.com/uehaavzj).

One way for wealthy families to support charity is through a private foundation, an independent legal entity set up solely for charitable purposes. Unlike a public charity, which relies on public fundraising to support its activities, the funding for a private foundation comes from you -- the person who has established the foundation.

The go-to resource for private foundations is the Foundation Source (foundationsource.com). Foundation Source facilitates setting up a private foundation and works with CPAs to help make the foundation's tax filings easier. You (and your children) choose the charities.

Let me leave you with this thought. Giving is not an issue that affects only the wealthy. Children and grandchildren learn from their parents and grandparents. Anyone of just about any financial means can help children understand the value of supporting good causes, as long as the support is fully within the family's financial means. It's not the dollars that count. It's the value of the giving lesson that counts.

On another subject, I am back to giving lectures, not in person, but online. They are short (30 minutes), with targeted topics. For example, Thursday, April 13, from 1 p.m. to 1:30 p.m. EDT, I discuss the mechanics of how to set up a gift that takes advantage of the power of compounding. If you would like to attend, register for "The Mechanics of a MarketMath & You Gift" at tinyurl.com/2p93nyys. And be sure to email me if you would like to be added to the email list for future invitations: readers@juliejason.com.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION

Considering all the things that can cause us to worry, we really don't need to add the safety of our bank accounts to the list -- but that is happening. People are worried about the stability of banks as a result of two recent bank failures.

Silicon Valley Bank in California and Signature Bank in New York were both shut down by state regulators within three days of each other, on March 10 (tinyurl.com/44d2pjw2) and March 12 (tinyurl.com/3byz2kf2), respectively.

Luckily, even uninsured deposits were saved. The March 12 joint statement released by Secretary of the Treasury Janet Yellen, Federal Reserve Board Chair Jerome Powell and FDIC Chairman Martin Gruenberg (tinyurl.com/3jtftv5b) made it clear that a "systemic risk exception" for the two banks would allow FDIC insurance coverage for even those accounts that exceeded $250,000, the FDIC insurable cap.

In a speech on March 14, Federal Reserve Gov. Michelle W. Bowman said, "One significant factor leading to the stress and subsequent closure at each institution was the rapid outflow of deposits, specifically uninsured deposits above the FDIC-guaranteed amount of $250,000 per depositor, per account type" (tinyurl.com/4sa87tx5). (The uninsured deposits at both banks totaled nearly 90% of all deposits, according to S&P Global Market Intelligence, tinyurl.com/nxvuft9z.)

In the meantime, Credit Suisse, a "too big to fail" global bank headquartered in Switzerland, captured headlines when its biggest shareholder, the Saudi National Bank, announced on March 15 that it would not put any more money into Credit Suisse (tinyurl.com/2x5sxsyk).

The question of contagion arose, of course, leading the Swiss Financial Market Supervisory Authority to state on March 15 that the problems of the two U.S. banks "do not pose a direct risk of contagion for the Swiss financial markets" (tinyurl.com/mthk967z).

A day later, Credit Suisse announced it was taking "decisive action to preemptively strengthen its liquidity" by intending to exercise its option to borrow up to $54 billion from the Swiss National Bank (tinyurl.com/njhrkk7x).

Then came First Republic Bank. On Thursday, March 16, 11 banks injected $30 billion into the San Francisco-based bank. A joint press release by the Treasury Department, Federal Reserve, FDIC and the Office of the Comptroller of the Currency reported, "This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system" (tinyurl.com/2p95pk6x).

What's next? We'll have to wait and see.

But, for now, regulators are staying positive. Federal Reserve Gov. Bowman, in her speech on March 14, said, "The U.S. banking system remains resilient and on a solid foundation, with strong capital and liquidity throughout the system." Then on March 16, Treasury Secretary Yellen told the U.S. Senate Committee on Finance "that our banking system remains sound, and that Americans can feel confident that their deposits will be there when they need them" (tinyurl.com/h8bwhdd3).

Investment firms are addressing their client's uneasiness. Fidelity Investments, with more than 40 million client accounts, recently told clients:

"To help manage the anxiety and fear that may arise from watching the market react to events such as the failure of Silicon Valley Bank, it's helpful to have a long-term asset allocation plan as part of a broader financial plan" (tinyurl.com/2r7ya35x).

Agreed. Worry can extend beyond banks, and rightly so. Bank customers are at risk if they deposit more than FDIC insurance covers (see details of FDIC insurance at tinyurl.com/yj2z5zaw). Investments are housed with brokerage firms, not banks.

There is some bank exposure even within the brokerage environment, however. For example, if you purchased bank certificates of deposit (CDs) through your brokerage account, be sure to check your FDIC coverage. CDs are not securities covered by the Securities Investor Protection Corporation, which works to restore the cash and securities of investors when a brokerage firm fails.

When dealing with your overall financial picture, it is wise to consider risk -- always, not just when headlines flash potential trouble.

As Fidelity Investments points out, "An appropriate asset allocation includes a mix of stocks, bonds, and short-term securities or cash that aligns with your goals, time horizon, and your ability to manage risk."

So how do you manage risk?

Go behind the headlines. Understand your exposure. Follow what regulators are saying. And while doing so, expand the review to include all of your holdings and your overall financial situation. And don't hesitate to get help.

DISTRIBUTED BY ANDREWS MCMEEL SYNDICATION