As a senior citizen, there are many threats and dangers online that can affect you and your finances. Protecting yourself from any potential losses is key to making banking a safe activity. With a little information and a change in habits, you can make your banking activity more secure.
Definition Of "Safe Banking Practices For Seniors"
Safe banking practices for seniors refer to taking the appropriate steps to protect themselves from financial fraud and cybercrime. These practices are important because seniors are often targeted by criminals who try to take advantage of their lack of experience with technology. Also, as a senior, you may have more funds in your accounts than younger individuals. This can make you a more enticing target.
Common Frauds And Scams Targeting Seniors
You want to be aware of the common scams and frauds that target seniors. These can include romance scams, fraudulent lotteries, tech support scams, investment scams, and grandparent scams. Here are some scams used on seniors:
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Phishing
Phishing is a type of internet fraud where criminals send out fake emails, texts, or messages that appear to come from legitimate sources. These messages are meant to trick the victim into providing personal information or clicking on malicious links. You should never open emails or attachments from unknown senders and be wary of any messages that ask for personal information.
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Impersonation
Impersonation is often used by criminals to target seniors. Impersonators will often pose as family members, financial institutions, or government agencies in an attempt to gain access to personal information or money. You should never give out personal information or money to anyone you don't know.
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Money Mules
Money mules are criminals who use victims' accounts to move money stolen by other criminals. They often try to convince seniors to deposit suspicious checks into their accounts or transfer money to other accounts. You should never deposit checks received from unknown sources.
Steps For Safe Banking Practices For Seniors
There are several steps that seniors can take to keep their accounts safe while banking online:
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Secure Your Accounts
Having strong passwords and using two-factor authentication are important steps for you to take when protecting your accounts. Strong passwords should be at least 16 characters long and should include a combination of letters, numbers, and symbols. Two-factor authentication requires a user to enter a code that is sent to their phone or email for added security.
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Monitor Your Accounts
Seniors should check their accounts regularly for any suspicious or unauthorized transactions. If any suspicious activity is noticed, contact the bank immediately.
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Be Careful With Information
Seniors should never give out their personal or financial information online. They should also be wary of clicking on suspicious links and should never open emails or attachments from unknown senders.
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Practical Safety Considerations
Seniors should never carry large amounts of cash and never go to the ATM after dark or alone.
Senior Helpers Naperville Wants To Help Keep Seniors Safe
Safe banking practices are essential to protect seniors from criminals who would take advantage of them. Senior Helpers Naperville is here to help seniors in Naperville, Aurora, Oak Park, Berwyn, DuPage County, Cook County, and Willowbrook with daily activities, such as trips to the bank. If you have any concerns or questions, please do not hesitate to contact us.