The Chinese Consolidated Mutual Aid Association (華康會) will be hosting a seminar on financial fraud and identity theft prevention this Friday (26th). The event aims to assist the public in identifying common scam tactics. The organizer held a press conference on the 23rd together with New York State Senator Chen Xueli, highlighting the recent surge of cases in the Chinese community involving online investment scams, identity theft, and welfare card fraud. Some instances include individuals losing $300,000 due to misleading TikTok investment schemes and an elderly person with dementia being swindled of $130,000 within six months, concerning situations that raise alarm.
Senator Chen pointed out the increasing incidents of financial fraud targeting the Chinese community in recent years. His office often receives requests for help from victims, with many seniors being lured into so-called investments through platforms like WeChat and TikTok and ending up losing everything.
For example, in April this year, during his work at the state government, a community resident sought help from his office after being scammed through TikTok contacts who claimed to be running online businesses and promised lucrative returns on investments. The victim, convinced by the scam, initially invested $300,000 but was unable to withdraw the principal and returns, only realizing later that they had been deceived.
Due to his and his chief of staff’s prior law enforcement experience, Senator Chen assisted the victim in filing a police report and coordinated with the New York City Police Department’s economic crime investigators to set up a trap operation. Undercover agents contacted the suspects posing as potential investors ready to invest over $100,000 more, leading to the arrest of three individuals, all Thai nationals. As the case involved a wide range of implications, it has been handed over to federal law enforcement for further investigation.
He also mentioned another recent case where an elderly individual befriended a stranger at a cell phone store who enticed them into investing about $130,000 within six months under the guise of high commission returns. However, due to the victim’s cognitive impairment, they do not acknowledge being scammed, prompting their family to consider seeking guardianship through court to safeguard their financial assets.
Senator Chen reminded the public that scam organizations often target the elderly and individuals with weakened cognitive abilities, exploiting their trust and diminished judgment to carry out fraudulent schemes. He urged families to pay close attention to the financial status of elderly members at home and intervene promptly upon noticing any anomalies.
“No matter if you meet someone online, over the phone, or in person, and they ask for investments or money transfers, be extremely cautious and refrain from handing over money easily,” he emphasized.
In addition to investment fraud, Chen Lina, the head of the Chinese Consolidated Mutual Aid Association, shared a recent identity theft case they assisted in handling. A 62-year-old disabled woman applying for nursing services was found to have two bank accounts under her name, unbeknownst to her when she had to submit bank statements. It was later discovered that someone had likely stolen her identity and opened accounts at Citibank and TD Bank since 2024 and conducted fund transfers and mobile deposits, utilizing the accounts for alleged money laundering activities. The victim remained oblivious until this discrepancy was uncovered when seeking social services recently.
The association has aided the victim in filing a report with the local precinct, with the state senator’s office intervening to offer assistance in the follow-up.
Chen Lina noted that identity theft cases often go undetected for years, underscoring the importance of safeguarding personal information. She urged the public to engage actively in community anti-fraud activities, including a free shredding event organized by Senator Chen Xueli and Assemblyman Zheng Yongjia’s offices on July 10th at 9100 Bay Parkway to mitigate the risk of unlawful exploitation of personal data.
Senator Chen revealed that just yesterday morning, he discovered an unauthorized $1,000 debit card transaction in his bank account. Fortunately, due to daily account checks, he promptly detected and contacted the bank to stop the transaction.
Regarding the prevalent issue of welfare card skimming in recent years, Senator Chen mentioned that the state legislature has passed a bill to gradually replace existing magnetic stripe EBT welfare cards with new chip-embedded cards. The new cards will employ chip technology similar to credit cards, significantly enhancing theft prevention capabilities. Starting from January 1, 2027, New York State will begin issuing the new cards to welfare beneficiaries.
Until then, he advised individuals to regularly monitor account transactions, secure welfare cards, and reduce the risk of skimming.
Moreover, Senator Chen cautioned residents to beware of the resurgence of “jewelry scams” in recent years, where suspects typically pretend to ask for directions and subsequently feign gratitude, offering a cheap necklace before swapping it for the victim’s valuable one, a classic deception tactic.
To raise awareness of fraud prevention in the community, the Chinese Consolidated Mutual Aid Association, in collaboration with State Senator Chen Xueli’s office, Assemblyman Zheng Yongjia’s office, TD Bank, and the 62nd precinct of the city police, will organize a seminar on financial fraud and identity theft prevention at the association’s premises at 2336 86th Street this Friday afternoon (26th) from 1:30 to 2:30. The organizers urge community residents to actively participate in order to enhance vigilance and safeguard their and their family’s financial security.