The banking world is ever-changing, and with new trends emerging can come certain risks. When it comes to senior citizens being safe while banking, it's important that special considerations are taken to ensure their safety and well-being. In this article, we will discuss the benefits of safe banking practices for seniors and some of the ways they can stay secure when using their bank accounts.
Benefits Of Safe Banking Practices For Seniors
It's no secret that when it comes to financial security and avoiding fraud, trusting banks with seniors' money involves unique considerations. Keeping bank accounts secure goes a long way in providing both financial securities as well as protection against possible exploitation or identity theft. Allowing seniors to have an extra layer of protection can give them peace of mind against potential risks.
Tips For Safe Banking Practices
In order to remain safe while banking, there are some vital tips to consider. The Consumer Financial Protection Bureau also offers a slew of resources that are worth looking into.
Choose A Bank With Strong Security Features
When choosing which bank to use, it's important for your loved ones to consider the security features that the bank offers. Help them determine if the financial institution has up-to-date and secure technology or any additional methods of safety when dealing with their customers' accounts. Once you're both confident in a particular bank, go ahead and make the selection.
Use Strong Passwords
The Cybersecurity & Infrastructure Security Agency indicates how vital it is to always use unique passwords. They should contain numbers as well as upper- and lower-case letters. Instruct your loved one to never write their password down. Instead, commit it to memory. They should only share banking details with trusted individuals, such as you or a caregiver, if necessary.
Additionally, remind them to never store usernames, passwords or account details on any device, including mobile phones and computers, unless it's within a secure app used for such purposes. If it's difficult for them to remember their passwords and they're regularly getting locked out of accounts, then have them write the password down on a piece of paper and keep it secure in a locked box.
Monitor Bank Accounts Regularly
Instruct your loved one to keep an eye on all activity inside their accounts. They should always be on the lookout for suspicious charges they know they didn't make. You can also help them set up identity theft protection and credit score tracking. As soon as something suspicious is noticed, they need to alert their banker immediately.
Be Aware Of Scams
Tell your senior to be wary at all times. Scams are everywhere! They may arrive as emails, alerting you that something has gone wrong with an account. Or, you could get text messages asking suspicious questions regarding card details. Let your loved one know to never click on links they receive in messages and to sign in through their regular means to detect if anything is wrong with their account.
Reach Out To Senior Helpers Franklin
At Senior Helpers Franklin, we are dedicated to providing the highest quality of in-home care services for seniors throughout Brentwood, Franklin, Lewisburg, Nashville and Columbia. With over 20 years of experience providing elderly home care in Tennessee, our friendly caregivers offer customized assistance that's tailored to each senior's individual needs. Those with advanced conditions or dementia can get support from an experienced caregiver on a full-time or part-time basis.
We also understand the importance of safe banking practices for those living in their own homes. This is why we take the steps necessary to protect our clients' information when discussing bill payments and other financial matters. For more information about safe banking practices for seniors and how you can get help managing them through Senior Helpers Franklin, please contact us today!