How Seniors Can Protect Their Finances
In Canada, we recognize this week as National Senior Safety Week, and protecting seniors from being victims of fraud goes right along with this.
Fraud continues to be a costly and big problem for Canadians, as RCMP report that fraud costs us over $10-billion annually ($300 per Canadian per year). Anyone can be targeted for fraud, but seniors are a vulnerable section of the population for a few reasons.
Seniors are more likely to have excellent credit, making them attractive victims; they tend to be trusting and generous, attributes the bad guys take advantage of; they may have a harder time understanding and using newer technology, making them vulnerable online; and they may struggle with memory and providing detailed descriptions if they are defrauded. [Canada Safety Council]
Here’s some tips for seniors on protecting their money and preventing fraud:
- Keep your personal information confidential: never share your banking information over email, Internet or the phone. This also goes with your social insurance number or other identifying information like that. You should also refrain from sharing your pin with anyone, that includes family members.
- Shield your pin: when entering your pin at a machine or debit console, shield your pin as you enter it.
- Don’t shop online in public spaces: using free wifi in public spaces to do online shopping, leaves your information susceptible to fraud.
- Regularly review statements: always check your credit and banking statements each month to ensure you recognize all the transactions, and report anything suspicious to your bank or credit card company.
- Deal with reputable companies only: when making charitable donations, deal only with organizations that are reputable and that you trust. Same with online shopping, only make purchases from reputable websites and online retailers.
For more tips on protecting your finances and yourself from fraud, visit the Canadian Anti-Fraud Centre online.
