Clients at the Wantagh Senior Center learned ways to recognize and protect themselves from fraud through a seminar conducted by Patricia Daley, Director of Marketing & Member Development at Ocean Financial Federal Credit Union.
According to a January 2022 analysis of federal and state data by Comparitech, a cybersecurity research company, more than 369,000 incidents of financial abuse targeting older adults are reported to authorities in the U.S. each year, causing an estimated $4.8 billion in losses.
“Perpetrators can be anyone from strangers to trusted family members. Seniors may own assets such as a house or car, have retirement funds such as a 401(k) and other benefits that make them attractive targets for fraudsters,” said Daley. “By educating ourselves about fraud, we are better protected from becoming a victim and can feel more at ease about the security of our finances.”
In the seminar, Patricia shared the following tips:
- Be aware of the common frauds and scams that are currently happening to seniors throughout the country, such as phone calls that are supposedly from your financial institution.
- Pause to verify suspicious situations before giving any money or information to strangers. Take note of your surroundings for suspicious activity and keep your sensitive information in a safe place. You can call your bank or credit union directly or use trusted contact information in other situations to proceed safely but should never make financial decisions whenever you aren’t certain.
- Monitor your credit card accounts regularly to check for unusual activity. If you see anything unusual or feel you may be a victim of financial exploitation, do not feel shame. Instead, contact your credit union, local authorities, or Adult Protective Services right away.
- Review your credit report regularly. You can request a free credit report from each of the three credit bureaus throughout the year so you have a free report every couple of months
For more information on how to protect yourself from fraud, visit https://www.oceanfinancial.org/fraud-and-security/.
Photo attached, credit Ocean Financial Federal Credit Union.
