Elder fraud is big business. It’s also a very bad business for seniors, who are prime targets for criminal actors.
But keeping safe can be as simple as taking a few extra steps, that help elders, family members and caregivers recognize when something is amiss.
“Fraudsters continue to victimize older Americans in heinous ways,” said Jeff Taylor. “It’s vitally important that we have conversations with our older family members to help them stay safe.”
6 FDIC Tips to Spot Elder Fraud
- Closely monitor your credit card and bank account activity – Review your account statements as soon as you receive them and look for unauthorized or suspicious transactions. If you find any, report them to your bank immediately.
- Protect your personal financial information – Never give out your bank account numbers, Social Security number, personal identification numbers (PINs), passwords or other sensitive information unless you initiate the contact through a legitimate webpage or phone number. Also, be aware that scam requests may come from an unsolicited phone call, text, letter, email, or a person who shows up at your door.
- Keep your checkbook, account statements and other sensitive information in a safe place – Shred paper documents containing sensitive information that are no longer needed.
- Be careful with powers of attorney – At some point, you may want to have a power of attorney, a legal document that authorizes another person to transact business on your behalf. While the power of attorney can be very helpful, be careful who you name as your representative.
- Review your credit report – Check to make sure all the information on your credit report is accurate and complete. Check to see if companies you don’t recognize have obtained your credit report; and contact the credit-reporting agency if you see anything suspicious.
- Take your time when deciding on a major financial decision or investment – Make sure you understand the transaction and ask questions. Consider getting a lawyer or financial advisor to help you understand the documents and discuss what is best for you. Walk away from anyone who says you must decide or otherwise do something right now.
“These are great steps to take to monitor your credit and financial activity,” Taylor added. “But there are other steps you can take to limit a scammer’s access.”
- Use the Do Not Call Registry to reduce the number of telemarketing calls you receive. And be suspicious of unsolicited calls.
- If you use social media, security experts advise that you limit the information you post publicly. That includes full names, addresses, birthdates and daily activities of yourself or relatives. While that information can seem harmless, scammers can use it to con people. A great example is the rising use of imposter scams, where criminals claim that someone you love is in trouble and needs urgent help.
- Engage a family member or third party as a second set of eyes to review any request for payment or financial information.
Additional Resources from Regions.com
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The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.