As the world changes, your senior loved ones can benefit from learning safe banking practices. Seniors are at an increased risk of becoming victims of scams, fraud, and identity theft. Knowing how to practice safe and secure banking can help ensure their financial security and your peace of mind.
Benefits Of Practicing Safe Banking
Practicing safe banking ensures your senior loved one's information is kept secure. It also keeps that knowledge out of the hands of individuals with malicious intent. Safe banking can make the process easier for you and your senior parent to manage. It also provides both of you peace of mind.
Tips For Seniors To Practice Safe Banking
With a little thought, you and your senior loved one can make banking easier and safer for them. Some tips include:
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Use Online Banking
When your senior loved one switches to online banking, you'll find that it is a great way to manage their finances. Plus, the two of you can do it from the comfort of your home. Utilizing the secure login credentials provided by their bank, you can easily check their financials, transfer money between accounts, and pay bills with them.
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Monitor Your Senior Loved One's Accounts Regularly
Checking your senior loved one's financial accounts regularly helps you stay on top of any suspicious activity, such as changes in account balances or unfamiliar transactions. If anything looks odd, be sure to alert their bank immediately.
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Review Credit Report Annually
Credit reports contain important information about your senior parent's financial history. It can help you keep an eye out for identity thieves. Make sure to review it at least once a year and alert your senior loved one's bank of any inconsistencies.
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Use A Secure Password
Using passwords that are difficult to guess can keep your senior loved one's financial accounts secure. It is recommended to use a combination of letters, numbers, and symbols that are unique.
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Protect Your Social Security Number
Your social security number is an important piece of information. Keeping it safe and secure is essential for your senior loved one's financial health. Never give out the number to anyone over the phone if they've called you or your senior loved one. Always know to who you're giving the information, even in person or online.
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Use Caution When Sharing Financial Information
Never give out any financial information, such as banking account numbers, credit card numbers, or social security numbers, unless you are certain that it is secure.
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Do Not Share An ATM/debit Card PIN
Make sure your senior loved one knows that they shouldn't ever share their debit card PIN with anyone. This includes people who claim they work for the bank. If you do, unauthorized individuals can access your finances and create havoc.
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Beware Of Phishing Scams
Keep an eye out for fake emails and websites asking for financial information. If you believe the email to be suspicious, do not reply and alert your senior loved one's bank of the issue.
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Avoid Carrying Cash
While carrying a small amount of cash is okay, having too much can make your senior loved one a target for thieves. It is recommended to rely on your debit card or credit card instead.
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Don't Visit An ATM Alone
When using an ATM, it is best to bring along a friend or family member. You want to make sure that your senior loved one knows to wait for you to go with them.
Senior Helpers Murfreesboro Provides Support For Your Senior Loved One
At Senior Helpers Murfreesboro, we understand how important it is to practice safe banking. Taking a few extra steps to secure your senior loved one's financial details can protect it. At Senior Helpers Murfreesboro, we provide support for your senior loved one, including trips to the bank in Murfreesboro, Lebanon, McMinnville, Shelbyville, Smyrna, and Manchester. Learn more about our services for seniors today!