Fraud is no longer rare—it's happening everywhere. In 2024 alone, three out of ten people experienced attempted fraud, with one in ten falling victim. For Minnesotans age 60 and older, reported losses reached $52.2 million, with actual losses potentially much higher since many cases go unreported.
In this recording, Boima Freeman, Senior Financial Fraud Investigator at the Minnesota Department of Commerce shares his experience with a presentation focused on: the impact of financial exploitation, trends and tactics, the MN Safe Senior Act, and his advice on what you can do to avoid becoming a victim of financial fraud.
Sharon Calhoun, Managing Director and Suzy Klapperich, Chief Compliance Officer at Vector Wealth Management kick off this recorded live event and introduce Boima.
Check out a second live recording from the event featuring Schwab’s Senior Technology Consultant Paul Ewing and Senior Wealth Advisor Mike Nesheim, along with Boima Freeman for a fireside chat and Q&A with the audience. Visit our blog for more.
Scams have become increasingly sophisticated. Fraudsters impersonate trusted companies, government agencies, and even family members. They create urgency and fear, keeping victims on the phone while coaching them on what to say to their banks. Common tactics include tech support pop-ups, romance scams, investment schemes, and government imposter calls.
Three Critical Rules to Remember:
Don't answer unknown calls—if it's important, they'll leave a voicemail
Hang up immediately if something feels wrong
Verify by contacting the company directly using a number you trust
Red flags include requests for payment via gift cards, cryptocurrency, or wire transfers; demands for secrecy; and pressure to act immediately. The IRS will never ask for gift cards. Banks don't call demanding you move money to "secure locations."
Vector Wealth Management recently prevented a major fraud when a long-time client attempted to liquidate his entire portfolio. Through persistence and partnership with the Minnesota Department of Commerce, they discovered he'd fallen victim to a Microsoft tech support scam.
Protect yourself: Establish trusted contacts with your financial institutions, create unique passwords for different accounts, and never rush financial decisions. If someone pressures you to keep secrets or act immediately, it's a scam.
Remember: Only you can prevent fraud. When in doubt, hang up and verify through official channels.
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