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.