3 Best Tips For Senior Citizens To Protect Themselves From Financial Scams

3 Best Tips For Senior Citizens To Protect Themselves From Financial Scams

As you grow older, you become an easy prey to financial fraudsters. This is because as you age, you might not be able to stay organized financially as younger adults. You might also not be as sharp as when you were still at your forties or fifties. Again, you might also not be able to keep up with the modern technology in the financial world. Financial fraud has become very common over the recent past, and most victims are those who are aged 65 and older. To avoid being a victim of financial fraud, you should learn how to protect yourself from the preying eyes of financial fraudsters. We have come up with some simple helpful tips that can help you stay safe from financial scams.

  1. Don’t give out personal information

Let personal information remain personal. With just a simple password, online banking, digital medical records, and your personal information can be accessed easily within no time. You should never give your medical records, bank account or debit card number, social security number, and any other personal information to any source that you do not know or trust. Such information can enable potential scammers to access your online accounts. Get a 2019 AARP medicare supplement plan electronically if need be to save time/

  • Have a strong password

As mentioned before, scammers just need to have your password to access your online accounts. Besides not sharing your password with sources and individuals you don’t know or trust, you should also have a strong password that is not easy to guess. You should never use never use your birth year, the word ‘password’ or passport number as your password. You should also avoid using numbers such as 12345 as your password. Instead, use a mixture of lower cases, upper cases, numerical and dots to form a strong password.

  • Check your financial information and finances on a regular basis

It’s advisable that you check and monitor your financial statements on a regular basis for any suspicious activity. Be sure to review savings and checking account, and investment and retirement statements. If you notice anything suspicious, you should report it immediately.

  • Ask for deals or contracts in writing

You should never accept any deal or sign any contract that is not in writing. Do your homework well and ensure that the form you are signing contains the correct information about the company or individual. Always insist in looking for reputable information. If you can’t find reputable information about the company or individual, the deal could be a bad one.