Farrell: How should you protect yourself from falling for a scam?

A major reason it's easy to fall for a scam is we're busy.

For example, a friend recently moved, a stressful situation with lots of deadlines. During the move, she received an official-looking email from the Social Security Administration with an attachment. The letter said that there was a problem with her Social Security account. She should immediately open the attachment, fill in the information and send it back.

She hesitated. The email looked official. She also knew not to open the attachment and after a few minutes she deleted the email.

She is far from alone in her experience and, unfortunately, not everyone ignores the message. The Social Security Administration recently issued a "scam alert" on these fraudulent messages delivered by mailed letter, email, text message or phone call.

Crooks are also claiming to be employees from the Internal Revenue Service.

I've received these calls. An ominous voice warns about owed back taxes and penalties. Arrest was imminent unless I called back immediately.

The crooks want you to make "good" on what you supposedly "owe" by certified check, wire transfer or gift card. According to the Federal Trade Commission, victims of government impostor scams like the Social Security and IRS frauds lost some $509 million in 2022.

Fraudsters often target older people because that's where the money is in many cases.

Technology has also widened the reach of crooks exponentially. The AARP Bulletin recently published a special report, "Your 2023 Fraud Survival Guide." It's dismaying to see how many different types of scams there are leafing through the guide.

There has been progress. But it's also clear that financial institutions, financial advisers, the health care industry, law enforcement and other major institutions and industries need to do more to protect the assets of older people from the fraudsters. Odds are the problem will worsen with the aging of the population.

What can we do to protect ourselves and our loved ones from falling for a scam?

Three helpful strategies are: First, slow down (probably good advice for life in general, too). Crooks will try to pressure you to make a quick decision. Taking your time to think is a good defense. Second, enlist your network. Talk to family and friends to see what they think before doing anything.

Last, it may be a cliché, but if an offer sounds too good to be true, it probably is.

Chris Farrell is senior economics contributor to "Marketplace" and commentator, Minnesota Public Radio.