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Senior Fraud Tips

Individuals over 50 control more than 70% of the nation’s wealth. Senior financial abuse in the US is estimated to have cost victims almost $3 billion in 2015, and continues to grow.

 

Here are some tips to protect yourself, or someone you know, from becoming a victim:

  • Shred receipts, bank statements and unused credit card offers before throwing them away.
  • Lock up your checkbook, account statements and other sensitive information when others will be in your home.
  • Get to know your banker and build a relationship with the people who handle your finances. They can look out for any suspicious activity related to your account.
  • Check references and credentials before hiring anyone. Don’t allow workers to have access to information about your finances.
  • Pay with checks and credit cards instead of cash to keep a paper trail.
  • Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.

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