June is Internet Safety Month - What You Need to Know Now

Dear Margaret,

This month’s Musing opens with practical advice on how to protect yourself from becoming a victim of increasingly sophisticated scams—and closes with two real, recent stories that hit close to home. In one, we helped a client narrowly avoid losing $500,000 to a convincing fraud. In the other, a relative of mine fell prey to a romance scam, ultimately sending $435,000 to someone he genuinely believed he loved and was helping.

This Musing is a longer read than usual, but I promise—it’s worth every minute of your time.

At The Starner Group, we work diligently to help our clients build and safeguard their financial futures. Yet as technology evolves, so do the tactics of scammers. The U.S. Treasury’s Financial Crimes Enforcement Network recently described elder financial exploitation as “rampant.”

Awareness is your first line of defense. Understanding the types of threats that exist—and how to protect yourself—can help prevent devastating outcomes.

If you suspect you've been targeted, or if your identity or account information may have been compromised, please don’t wait. Reach out to us immediately.

A few Trending Scams & Tips to Protect Yourself

1. Artificial Intelligence (AI) Phishing and Social Engineering

AI tools can generate highly convincing phishing text and email messages. These are usually personalized for the recipient to add credibility, making them harder to detect.

How to Stay Safe:
Pay close attention to spelling/grammar mistakes. Be cautious with unsolicited messages asking for personal or sensitive information. If you doubt the source, contact them directly at a known number or email.

2. QR Code (Quishing) Scams

At first glance, there are no traces of a QR code being malicious. Upon scanning the code, users can be taken to a fake website where scammers can steal credentials or directly download malware onto your device.

How to Stay Safe:
Resist the urge to scan unverified QR codes, no matter how ‘convenient’ they seem. Most services will offer a secure website as a safer alternative.

3. Deepfake & Voice Impersonation

Sophisticated technology allows criminals to create realistic audio and video of any individual. Anyone from your parents to your boss can be generated to trick you into making fraudulent payments or disclosing sensitive information.

How to Stay Safe:
Take your time to verify the source of the request, no matter how urgent it seems. Be wary of voice or video calls from people who don't normally contact you. Take a moment to contact them directly.

4. Multi-Factor Authentication (MFA) Scams

Scammers will alert you to a recent attempt to hack your account or notify you that it's already compromised. They will request your MFA codes to bypass the extra layers of security or grant unauthorized access.

How to Stay Safe:
Watch out for repeated, unsolicited notifications requesting MFA or calls/messages asking you to "confirm" any MFA requests. Only use authentic code generators, like Google Authenticator or Duo Security.

Bonus Tips to Stay Safe:

• Think before you click: Pause and analyze text, emails, or other links before clicking on them. Giveaways are inconsistent URLs, misspellings, or unusual sender address.

• Monitor your accounts often: Check your bank and security accounts and statements frequently for unauthorized transactions, and report anything unusual immediately.

• Keep software updated: Get in the habit of updating your apps, operating systems, and security protocols often. This can fill in the gaps between recent threats and vulnerabilities.

• Add trusted contacts to your accounts. A trusted contact cannot access accounts but, much like an emergency contact in other industries, could be contacted if there were concerns financial exploitation or diminished capacity.

• Establish powers of attorney on your accounts so your financial affairs are in good hands if you become unable to manage them.

• Never pay a fee or taxes to collect a sweepstakes or lottery winnings.

• Do not give Social Security numbers or any financial information over the phone unless you initiate the call and trust the other party.

Trust your instincts. If something doesn’t seem right, it probably isn’t. Exploiters can be charming and may be skilled at coercion. Understanding the latest scams may help you and your loved ones avoid potentially devastating financial loss and emotional stress

Two True Stories
In the spirit of protecting and alerting those most vulnerable, allow me to share two very real—and very recent—stories involving older adults who found themselves ensnared in the digital shadows. One was rescued at the brink of disaster. The other, sadly, was not so lucky.

From Idle Hours to Almost Losing Half a Million
Let’s start with our client, Mr. X, a retired CEO, a man of intellect and worldly experience. He wasn’t reckless, or naïve. A lingering knee problem had sidelined his usual golf outings and active routine, leaving him with more idle hours—and “more time spent online.” It all began when he casually entered a sweepstakes on the internet. A harmless diversion, he thought. A few months later, he received a phone call that changed everything:

*Congratulations! You’ve won $7.5 million and $10,000 a week for life!

Letters began arriving—professional, official-looking documents explaining that he’d been selected because of his “exemplary life.” He was even assigned an “FBI agent” with a badge number who had supposedly conducted a full background check on him. He received a letter from the IRS outlining the taxes he now owed on his prize money.

All very official looking. All very fake.

Mr. X was told to open a new bank account—at a bank where he already did business—and deposit $500,000. This, he was told, would go toward IRS taxes, but strangely, the payment would first pass through the sweepstakes company itself. Red flag? Absolutely. But at that point, Mr. X was emotionally invested. He called our office requesting the half-million-dollar transfer.

That’s when the alarms went off for us.

The request was unusual. When we pressed him, he simply said it was good news and not to worry. Instead of transferring the money to the new account, we insisted on wiring it to the familiar account we already had on file. That decision likely saved him.

Later, we learned that Mr. X had been having lengthy, friendly conversations with the scammer. He felt a connection. He shared far too much—his Social Security number, passwords, and even investment information from his Raymond James account. Thankfully, he had implemented withdrawal restrictions on his primary account. The new account, however, was unprotected and could’ve been drained instantly… if it had ever held a dollar.

Still, the scam continued. The scammer mailed him a check—yes, a physical cashier check—for $7.5 million. It looked legitimate enough that even the bank’s verification system couldn’t confirm it as fake. He was told the funds were on their way and to keep the check in a deposit box, which made no sense. All he had to do was pay the taxes.

What finally snapped Mr. X out of the illusion? A letter arrived—on Raymond James letterhead—allegedly from the CEO, explaining the necessity of the $500,000 deposit. The letter included our CEO’s forged signature. That revelation broke the spell.

During my conversation with Mr. X, I asked what made him enter the contest in the first place. His answer was quietly heartbreaking: “I have a bad knee. I haven’t been golfing or doing anything active. I’ve just been... bored. The computer is my company. When I got the call that I’d won, it felt like something exciting had finally happened to me.”

It’s easy to assume that intelligence protects against scams. But in truth, it’s emotion that makes people vulnerable—especially the kind that creeps in during silent afternoons and forgotten weekends.

Let this story be a reminder: it’s not always greed that leads people into traps. Sometimes, it's hope.

The Cost of Loneliness:
A Romance Scam That Broke More Than Just the Bank

My uncle was in his 80s—a kind, warm man who had spent the better part of a year tenderly caring for his wife as she approached the end of her life. It was a prolonged period of caregiving, after which he found himself spending much more time alone than before.

So, when a woman reached out to him on Facebook—or maybe it was WhatsApp—he welcomed the attention. It started with innocent daily chats. Over time, the exchanges became more intimate, more familiar. After his wife passed, those conversations filled the quiet space she had left behind.

And then, one day, she asked for help.

By then, my uncle didn’t see a stranger on the other end of the screen. He saw someone he loved. So, when she mentioned financial trouble, he didn’t hesitate. He wired money. And then wired more. And more again. By the time his children uncovered what was happening, he had sent over $435,000 to a woman who never existed.

His daughter and son discovered the messages by accident—tidying up their mother’s things when they caught sight of his phone. The texts were revealing, heartbreaking, and undeniable.

His daughter called me in a panic, desperate to stop the damage. I advised her to help him establish a Trust and make her co-trustee—an urgent move that gave her access to his accounts and let her block any further transfers. But stopping the money didn’t stop his belief. Even when the family confronted him, even when they presented proof, she wasn’t real… he wouldn’t let go.

“I wanted to help a lady I loved,” he said simply.

They had to resort to drastic steps: taking his phone, replacing it with a new one that had a new number, and activating “Assistive Access” on the iPhone. Now he can only receive calls from known contacts saved on his iPhone. He’s blocked from downloading social apps. His daughter monitors every call—and she can even record video chats through FaceTime if something seems off.

So far, the system is working.

But there’s a deeper ache beneath the surface. My uncle is endlessly sociable. He loves talking to people, connecting, sharing stories. He would thrive in a senior living community, where companionship comes face-to-face, not screen-to-screen. But he refuses to go.

He’s not alone in that struggle. We often underestimate the void that grief and solitude leave behind—and the ways bad actors slip in to fill it. It wasn’t foolishness that cost my uncle nearly half a million dollars. It was love, hope, and the very human longing to feel needed again.

In Closing, I repeat: If you suspect you've been targeted, or if your identity or account information may have been compromised, please don’t wait. Reach out to us immediately. Bruce, Scott, and I -- and the entire Starner Group team are always available to help evaluate potential opportunities and challenges in any aspect of your financial lives.

Our office will be closed on
Friday July 4, 2025

Sincerely,

Margaret C. Starner
Senior VP - Wealth Management
2333 Ponce de Leon Blvd. Suite 500
Coral Gables, FL 33134
www.starnergroup.com
305-461-6660

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Nominees for the 2020 InvestmentNews Diversity & Inclusion Lifetime Achievement Award must currently be working as financial planners, registered representatives or registered investment advisers, or as industry professionals in a role that supports financial advisers. Judges will consider management, team development, achievement and a minimum 15-year commitment to fostering diversity and inclusion. InvestmentNews received about 130 nominations for the Diversity & Inclusions awards and selected 1 individual for the Lifetime Achievement award. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating nor is Raymond James affiliated with InvestmentNews.

The Forbes ranking of America’s Top Women Wealth Advisors, developed by SHOOK Research, is based on an algorithm of qualitative and quantitative data, rating thousands of wealth advisors with a minimum of seven years of experience and weighing factors like revenue trends, assets under management, compliance records, industry experience and best practices learned through telephone and in-person interviews. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. This ranking is based upon the period from 9/30/23 to 9/30/24 and was released on 02/11/2025. Research Summary (as of February 2025): 48,220 nominations were received and 100 women won. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James, nor any of its financial advisors or RIA firms pay a fee in exchange for this award/rating. Compensation provided for using the ranking. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please visit https://www.forbes.com/lists/top-women-advisors/?sh=36214c902a8f for more info.

The 2025 Forbes ranking of America’s Best-In-State Wealth Management Teams, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 3/31/2023 to 3/31/2024 and was released on 01/09/2025. Advisor teams that are considered must have one advisor with a minimum of seven years of experience, have been in existence as a team for at least one year, have at least 5 team members, and have been nominated by their firm. The algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 11,674 team nominations, 5,331 advisor teams received the award based on thresholds. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Compensation provided for using the rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please see https://www.forbes.com/lists/wealth-management-teams-best-in-state for more info.

Barron’s Top 1,200 Financial Advisors 2024. Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by 6,595 individual advisors and their firms and include qualitative and quantitative criteria. Time period upon which the rating is based is from 09/30/2022 to 09/30/2023, and was released on 03/11/2024. Factors included in the rankings: assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients’ risk tolerance than by an advisor’s investment picking abilities. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Barron’s is not affiliated with Raymond James.

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Barron’s is a registered trademark of Dow Jones & Company, L.P. All rights reserved. The rankings are based on data provided by individual advisors and their firms and include qualitative and quantitative criteria. There were a total of 1,094 applicants and data points that relate to quality of practice included professionals with a minimum of 7 years financial services experience, acceptable compliance records (no criminal U4 issues), client retention reports, charitable and philanthropic work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Financial Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients’ risk tolerance than by an advisor’s investment picking abilities. This ranking is based upon the period from 03/01/2023 to 03/31/2024 and was released on 07/19/2024. The ranking may not be representative of any one client’s experience, is not an endorsement, and is not indicative of an advisor’s future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Compensation provided for using the rating. Barron’s is not affiliated with Raymond James.

Barron's Hall of Fame Award, 2019. Barron's is a registered trademark of Dow Jones & Company, L.P. All rights reserved. "Barron's Hall of Fame" is an award honoring a group of advisors who exemplify long-term success and commitment to their clients. Each member of the Hall of Fame has appeared in 10 or more of Barron's annual Top 100 Advisor rankings, and their long-looking commitment to excellence is a hopeful example for the industry to follow. The Top 100 Advisor rankings are based on data provided by individual advisors and their firms and include qualitative and quantitative criteria. Data points that relate to quality of practice include professionals with a minimum of 7 years financial services experience, acceptable compliance records (no criminal U4 issues), client retention reports, charitable and philanthropic work, quality of practice, designations held, offering services beyond investments offered including estates and trusts, and more. Financial Advisors are quantitatively rated based on varying types of revenues produced and assets under management by the financial professional, with weightings associated for each. Investment performance is not an explicit component because not all advisors have audited results and because performance figures often are influenced more by clients' risk tolerance than by an advisor's investment picking abilities. The ranking may not be representative of any one client's experience, is not an endorsement, and is not indicative of an advisor's future performance. Neither Raymond James nor any of its Financial Advisors pay a fee in exchange for this award/rating. Barron's is not affiliated with Raymond James.