You and your loved ones probably don’t expect to fall victim to financial fraud. Unfortunately, most people don’t realize how common financial fraud is. That’s why most of us aren’t proactive in protecting ourselves. Fraud can happen in small, local scams as well as in large, reputable organizations.

Here’s one frightening example. A recent news report shared that over $2 million was stolen from inactive or dead customers’ accounts by a former Vanguard supervisor. This incident shows why it is important to monitor bank accounts and transactions of family members who might be at risk.

How to Protect Your Loved Ones

Not only do you need to protect yourself against financial fraud, it is essential to be aware of how your loved ones might be impacted by scams. Elderly family members are often at risk because they don’t understand the dangers of living in a digital world. Here are a few tips to protect yourself and your loved ones:

  1. Monitor Account Statements: You should be able to identify every transaction moving through bank accounts and credit card statements. Checking the statements regularly helps you identify funds that might be withdrawn without authority. If you see an issue, resolve the problem as soon as possible to avoid additional fraudulent activity.
  2. Financial Access for Relatives: Family members should be granted access to the financial information and account credentials for relatives who are sick or dead. When the person is unable to monitor their accounts alone, then it can be helpful for family members to assist.
  3. Password Privacy: Make sure that all financial information and password details are kept private. If this information is on paper, the paperwork needs to be locked up and out of reach of the many people who might be moving through the home. Data online should be encrypted and password protected at all times.
  4. Computer and Internet Security: Use security software on computers, tablets, cellphones, and any other devices that are connected to the internet. Also, be aware to avoid phishing emails or other digital requests for personal information.

Follow these tips to improve online security and avoid the theft of personal information. For more information about reducing the risk of elder abuse, our team is here to assist. Contact us at any time. Email or call 858-480-7551. Senior Safe and Sound.

This information is intended to inform the public at large about this important issue. It is not intended to serve as legal or medical advice.