The Wall Street Journal had an interesting and rather shocking article yesterday with the title "Phone Scam 'Onslaught' Targets Elderly." It reports that in the first four months of 2016 scammers' calls are up 41% over last year, to 1.7 million calls, a record.
Typical of these recent calls are ones claiming to be from the IRS asking for money with threats of legal action, pleas from relatives needing emergency money, or businesses offering refunds if you give them your bank details. (They would be withdrawals rather than refunds if you fall for this line.)
These calls are illegal so they are almost always made from abroad, although the caller id's may say they are local.
What is the solution? The phone companies could block such calls although it would be costly. Legislation is in the works to force them to do so. Sen. Susan Collins of Maine and Sen. Claire McCaskill of Missouri, who are co-chairmen of the Senate SPecial Committee on Aging, are working on legislation designed to make phone companies block these calls. Of course, the cost will be reflected in slightly higher bills for consumers.
To read the article, please click on the picture below:
