Financial Tips / Other

Preventing Elder Fraud with 4 Easy Tips

Too often, seniors are mistreated and taken advantage of as the target of fraud. It’s important for our communities to come together to acknowledge, support, and advocate for senior citizens. Beyond protecting their physical wellbeing, senior citizens need to stay financially secure. Here are four easy tips to prevent elder fraud:

  1. Understand and know common fraud scams. Scammers are likely to:
    • Pretend to be an organization asking for a donation or money.
    • Call to say you have won a prize and they need your bank account information to give you your winnings.
    • Impersonate a family member saying they are in trouble and need money sent to them.

Click here to familiarize yourself with some of the most common scams.

  1. Protect yourself from these identifiable scams. You can do so by following some of these best practices:
    • Never give out important or personal banking information. No one will ask for private banking information over the phone.
    • If you do not recognize a phone number, you do not have to answer. If you do answer, verify who is on the line before continuing a conversation.
    • If you are suspicious of a call you receive, hang up and call the person back at a publicly listed phone number.
  1. Review retirement accounts frequently. Many retirees live on a fixed income and rely on social security, annuities, and retirement funds for their livelihood. Be sure to check the status of your accounts so you can adjust as necessary. Also, enroll in direct deposit so paper checks cannot be stolen and cashed by others.
  2. Check in on your loved ones. Everyone gets busy in life, but you should never be too busy to check in on those that matter. Make it a priority to make time for your elder loved ones to make sure they are okay!

If you have questions during these uncertain times, Univest is here to help. From providing guidance on avoiding fraud to helping guide people through the financial uncertainties, Univest can help you find peace of mind and achieve your financial goals. Our digital banking tools also allow you to securely complete your banking and keep an eye on your accounts 24/7. Check out some of the convenient options:

  • Mobile and Online Banking – includes the ability to monitor your account activity, turn off your debit card if misplaced and even deposit checks from the comfort of home, plus much more.
  • Digital Payments – provides ways to move your money such as online bill pay, transferring money between accounts and sending money for personal payments such as lunch with a friend.

For help getting online or mobile banking set-up for your account, contact us at 877-723-5571.

Univest Bank and Trust Co. is Member FDIC.