August 21 is National Senior Citizens Day. It’s a day to recognize and celebrate the mature population in our community. It’s also an opportunity to think of ways we can support them.

Did you know Americans age 55 and older make up 65% of all bank deposits? This older segment has quickly become a high-risk target for fraud and financial exploitation. Many criminals believe older adults are more trusting on the phone, making them an easier mark for phone scams. They also believe seniors are more valuable targets because they have access to retirement accounts and pensions, resulting in more money in the bank. Whatever the reason, financial crimes toward senior adults can be devastating, often leaving them with no way to regain their losses.

If you’re 55 or older, here are tips to protect yourself from financial exploitation.

• Don’t leave a paper trail. Shred anything that may have your personal information on it, like receipts and bank statements. You should always immediately tear up credit card offers you receive in the mail and never recycle these.
• Sign up with the Do Not Call Registry. This will help minimize solicitation calls. If you do get a phone call you’re unsure of–never give them or verify any personal financial information, account digits or social security number.
• Pull an annual credit report. Look at your credit report at least once a year to make sure there haven’t been any bank accounts or credit card accounts opened in your name that you did not initiate.
• Use multi-verification. When in place, an extra step is required to access your account, like a code delivered to your phone by text or email.
• Caregivers should also look for any unexplained credit card purchases, checks made out to unfamiliar recipients, large withdrawals, unapproved wire transfers, etc.

If you suspect any fraudulent activity regarding your bank account, contact Waypoint Bank immediately.

Waypoint Bank strives to be an exceptional provider of superior financial solutions that promote the small-town approach of putting the customer first while earning their trust in the most friendly and professional manner possible. Stop by your local Waypoint Bank today or schedule an appointment online.

Source: 2022 ABA Issue Summary