Stay Ahead of Scammers: Practical Tips to Safeguard Your Loved Ones from Financial Fraud
June 25, 2024
As our population ages, the vulnerability of older adults to scams and financial exploitation becomes an increasingly pressing concern. Protecting them requires vigilance, education, and proactive measures from caregivers and family members. Here are some essential tips to help safeguard seniors from falling prey to these malicious schemes.
1. Educate About Common Scams
Knowledge is power. Inform older adults about prevalent scams, such as phishing emails, fraudulent phone calls, and fake charity solicitations. Highlight red flags like urgent requests for money, threats of legal action, or requests for personal information.
2. Monitor Financial Activity
Regularly review bank statements and credit reports with older adults to spot any unusual transactions. Encourage the use of direct deposit for checks to reduce the risk of theft. Setting up account alerts for large transactions can also provide an early warning of suspicious activity.
3. Secure Personal Information
Ensure that personal documents, such as Social Security numbers, bank statements, and passports, are stored in a secure location. Shred sensitive documents before disposal to prevent identity theft.
4. Use Trusted Contacts
Encourage seniors to designate a trusted family member or friend who can monitor their financial accounts and transactions. This person can act as a second pair of eyes, looking out for any signs of exploitation.
5. Power of Attorney
Consider setting up a durable power of attorney. This legal document grants a trusted individual the authority to make financial decisions on behalf of the older adult, which can help prevent unauthorized access and fraud.
6. Regular Communication
Maintain regular communication with older adults to stay informed about their well-being and any new acquaintances or unsolicited contacts. Scammers often target those who are isolated, so fostering a strong support network can be a crucial protective measure.
7. Report Suspected Fraud
If financial exploitation is suspected, report it immediately to local law enforcement or adult protective services. Many regions have dedicated resources and hotlines for elder abuse.
By staying informed and proactive, caregivers and family members can play a crucial role in protecting older adults from scams and financial exploitation, ensuring their golden years remain secure and peaceful.
Remember, OU Credit Union will never contact you asking for personal or account security information including your username and/or password, one-time passcodes, or your debit or credit card number, CVV number, PIN, or token activation code. Please notify us immediately if you receive a suspicious call, email, or text message from someone claiming to be from OU Credit Union.
To learn more about signs of fraud, visit oucreditunion.org/securitycenter.
Tags: Security, Tips and Tricks, Fraud Prevention Series