SCAM WATCH: Elderly relatives can protect themselves from smooth con artists

The Albuquerque woman, who works as a behavioral therapist, was shocked when her 86-year-old mother confessed to losing 50% of her life savings to a scamming duo named “Trevor” and “Harrison.”

The amount was in the six figures, and her mother lost it because she believed what the thieves were telling her: that they were investigating her bank for fraud and that she needed to move her money to protect it. They added that the incident appeared to be an “inside job,” so she was to keep everything secret.

“My mom is very, very lonely,” the woman said. “They basically got to her and talked her into writing checks. It was a good cop, bad cop thing. My mom was being sweet-talked.”

Over a two-month period, the mother — who handled bankroll and accounting as part of her previous occupations — made deposits into various accounts the scammers had set up at a variety of banks. She also followed their instructions to make purchases with a debit card.

The daughter declined to name the institution that held her mother’s money, saying only that it was a national bank’s local branch. Her mother is so ashamed that she resigned from a treasurer position she held on a volunteer basis.

“These people have shaved 2 to 5 years off my mom’s life,” the woman said. “My mom survived breast cancer, having both knees replaced at the same time and shoulder surgery. Now, I think she’s suffering from acute trauma syndrome.”

Financial exploitation is a tricky kind of fraud that plays on people’s feelings of isolation and fear, says Stephanie W. Telles, founder and CEO of Otoño Consulting, which helps protect clients from fraud and exploitation.

“It’s just so tough,” says Telles. “A lot of these fraudsters and predators are just getting so much better at their exploitation.”

Yet, there are some steps to help keep a loved one from becoming a victim.

One of the most effective is to provide financial oversight, says Telles, who also teaches forensic accounting at the University of New Mexico. Offer to help the person manage their finances, and add the name of a trusted loved one to their accounts.

Set up alerts with the bank, so you know if a transfer is being made. “That way you can catch any suspicious activity early,” Telles says. If the person resists such a move, make a date and “put it on the calendar” to have regular reviews of financial matters.

Another idea: Create a script that’s handy so if an unsolicited phone call or text arrives, there is no waffling on a response — despite offers of friendship or frightening threats.

Telles suggests this: “Thanks for reaching out, but I don’t entertain unsolicited calls. If this is important, give me your contact information and I’ll get back to you.”

You’ll probably get a hang-up in reply.

But there is a more basic approach that everyone should keep in mind, Telles says.

Make sure your loved ones are not isolated. When they are, they are more vulnerable to human contact, including the exploitive kind.

“If these predators are paying attention to them, they’re going to listen because there’s no one else around,” Telles says. “That just makes them so susceptible.”

Also, having regular interaction increases the chance a loved one will open up about a scam attempt before it evolves into a financial nightmare.

Contact Ellen Marks at emarks@abqjournal.com if you are aware of what sounds like a scam. To report a scam to law enforcement, contact the New Mexico Consumer Protection Division toll-free at 1-844-255-9210, prompt 5. Complaints can be filed electronically at https://www.nmag.gov/contact-us/file-a-complaint/.