Financial Security Tips for Seniors

More often senior citizens are the target of financial abuse. A recent study by the American Associate of the Retired Persons (AARP) shows that people age 50 and older are easy targets for financial abuse because they expect honesty in the marketplace and are less likely to take action if they become victims of fraud.

Scammers that target senior citizens can hail from anywhere. Scams can take place from Craigslist ads, email, by mail and phone calls. Sadly, some scammers will become close to their target to take advantage. Often, scammers will profile elders and choose their target based on those they see as most vulnerable.

We live in a world where personal security is top priority.  Listed below are some tips for financial security:

  • Keep your personal information to yourself. Never give out your social security number, account numbers or other private information over the internet or phone, unless you are the person who initiated contact and the person and entity on the other end are 100% trustworthy.
  • Shred bank statements and credit card receipts
  • Shred any credit card offers received by mail
  • When in doubt, ask a trusted family member or friend for help to decipher information provided to you over the phone or online and to help vet the person or company that wants your business.