Five Tips to Help Protect Older Americans from Financial Fraud

From keeping information private to secure disposal of personal documents, these tips can help you avoid potential scams.

05/26/2016

Five Tips to Help Protect Yourself from Financial Fraud

Bank employees are frequently trained to identify red flags commonly linked with financial abuse, from unusual recent withdrawals to a new person accompanying the older customer to the bank. In recognition of Older Americans Month, North Shore Bank is offering the following tips to help older Americans protect themselves:
 

  1. Keep personal information private. Never share your social security number, account information, or personal details over the phone or internet, unless you initiated contact with a trusted source.
  2. Shred! Shred! Shred! Shred receipts, bank statements and unused credit card offers before throwing them away so fraudsters can’t piece together your personal information.
  3. Don’t let a so-called “advisor” pressure you. Never let a new or untrusted “advisor” pressure you into sharing personal or financial details. He or she could be a fraudster.
  4. Check your credit report. Customers should check their credit report at least one a year to ensure no new credit cards or accounts have been opened by criminals in your name. To receive a free copy of your credit report from each of the three credit reporting agencies, visit the Federal Trade Commission’s website at www.annualcreditreport.com, or call 1-877-322-8228.
  5. Never rush into a financial decision. Ask for details in writing and get a second opinion from a trusted financial advisor or attorney before signing any document you don’t understand.
 
We can best combat elder financial abuse by teaming up. For more identity theft prevention tips, visit our website’s security page.

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