As our loved ones age, there are a lot of financial concerns that come up. It's important for seniors to be safe when it comes to their money and banking practices. Seniors may not be as familiar with technology or use the latest apps to manage their finances, which can leave them more vulnerable to fraud and other schemes. Below, you will find some critical tips on how seniors can stay safe while still having access to the services they need in order to securely manage their funds.
Reasons Why Seniors Need Safe Banking Practices
Increased Vulnerability To Financial Fraud
Older adults are more likely to fall victim to fraudulent activities such as identity theft and scamming because they typically don't understand online banking. Oftentimes they aren't aware that there is anything wrong until it's too late. Many scammers deliberately target seniors because of that increased vulnerability level.
Protecting Finances
Many seniors are on a fixed income and have worked hard to save for retirement. Unfortunately, a scammer can drain those funds all too quickly, leaving seniors with nothing. Safe banking practices can help protect seniors' finances and overall financial stability.
Tips For Safe Banking Practices For Seniors
There are several steps seniors and their loved ones can take to keep their accounts safe.
- Monitor Accounts Regularly: This starts with always keeping track of accounts by checking balances often— preferably at least once a week. Having copies of monthly statements sent via email or paper mail can also easily help you stay updated on account activity as well even if you're unable to visit a physical location of the bank.
- Get Familiar with Online Banking Platforms: Setting up an online presence through sites like Bankify makes this process much simpler than having multiple logins across different institutions. However, seniors may also want to make sure they're familiar with each bank's online platform so they can spot it if things go wrong.
- Use Strong Passwords: Using a strong password is critical to helping protect against hackers and scammers. Multi-platform authentication can also help keep accounts safe.
- Use Secure Platforms: Select secure banking platforms, and never link an account to an insecure platform.
- Know How to Spot Signs of Fraud: Seniors need a solid idea of what fraud looks like and how they can detect it. Learning how to spot fraud can help them avoid scammers.
- Keep Private Information Secure: Make sure all passwords and PIN numbers remain confidential. Only share information if absolutely necessary. Seniors may also need to carefully consider where they log into their accounts and remember to log out of any shared devices.
- Use ATMs With Caution: Criminals often target ATMs, so exercising caution around them can go a long way toward helping seniors keep their finances safe. Always choose ATMs in well-lit, trusted locations.
- Have a Trusted Loved One Help Oversee Accounts: Having a trusted loved one keep an eye on financial transactions and accounts can often help keep seniors much safer, especially if they start to struggle to manage those accounts on their own.
Do You Have A Loved One Who Needs More Help With Daily Care Tasks?
As a senior's ability to manage their own finances deteriorates, they may also start to struggle with daily self-care activities. For Seniors in Hendersonville, Gallatin, Clarksville, Goodlettsville, and Cookeville, Senior Helpers Hendersonville can help. Contact us today to learn more about our in-home senior care services.