Safe Banking for Seniors
Seniors make up a significant portion of the banking market; older Americans tend to have more cash in the bank than younger Americans. According to Business Insider, “The average person between the ages of 55 to 64 has $57,670 more in the bank compared to the average person under the age 35” (2022). Increasing access to financial technology can also be burdensome for some older Americans who have less experience with these technologies, leaving them vulnerable. This makes seniors a target for financial phishing, scams and fraud. While banks work to prevent elder financial exploitation, here are some tips to assist your families by protecting them and their finances.
What to look out for…
Trending phone call, texts and email scams:
- Never click on links or open attachments in unexpected emails or text messages.
- If someone contacts you by phone, text or email pretending to be a loved one in an emergency where they need money urgently, confirm with other loved ones that the situation is legitimate.
- A member of the police force will never call to threaten arrest, fines or deportation unless there is payment.
- A Social Security official will never call, text or email to request/confirm personal information.
- The IRS will never call, text or email request/confirm personal information about tax issues.
How to protect yourself and loved ones:
- Never give out confidential or identifying information to anyone who calls, texts, emails – or to anyone who reaches out to you on social media.
- Do not make payments to phone numbers, emails and addresses that you do not recognize.
- Avoid making payments to anyone who demands payment by gift card, mobile payment apps like, money transfers or cryptocurrency, as these payments are almost impossible to reverse.
- Ensure you or your loved one has a financial caregiver in place that you can trust to facilitate financial transactions.
What to do if you get scammed
Report scams to the Federal Trade Commission and ReportFraud.ftc.gov.
Remember to always….
Safeguard your information. Make sure your passwords are not easily identifiable by not incorporating your personal or shared information into your passwords. Change your passwords frequently and update all your devices and apps to ensure that you have the latest security protection.
Think before you click. Beware of unsolicited emails and text messages. If you do receive a suspicious email or text message, do not click on any provided links or open any attachments to protect information such as account numbers, passwords and user IDs. First National Bank LI will never ask you for your personal information or log in credentials in an email or text messages.
Communicate with us. As your banking partner, we are here to help you. Feel free to speak to a representative at your nearest branch or call 516-671-4900. Remember, your identity is one of the most valuable things you own.