Fraud Prevention

We take our role in helping to prevent elder financial abuse very seriously. Customer education is perhaps the best weapon against elder financial abuse. For this reason, we would like to provide our customers with the following best practices in preventing elder financial abuse.

Managing Your Finances

• Keep accurate and complete financial records of all transactions.
• Establish a relationship with the personnel at your bank.
• Use direct deposit for all checks.
• Sign your own checks and do not sign checks where the payee information is left "blank," even for family members.
• If someone is helping you to manage your finances, get a trusted third person to review your bank statements.

Handling Valuable Documents and Possessions

• Do not leave valuables in plain view.
• Gather all important documents together (wills, insurance policies and bank account information) and tell someone you trust where these documents are kept.
• Shred unsolicited loan apps, credit cards and bank statements before discarding them.

Safeguarding Your Personal Information

• Never give out credit card numbers over the phone unless you placed the call.
• Never give out your Social Security number or bank account number over the phone.
• Do not share any personal information such as social security number, credit card numbers or bank account numbers unless you initiated the contact and you trust the other party.
• Never give out your personal information over the phone.
• Talk to someone you trust before you give up money or share personal information.
• Keep your mobile devices and computers secure and password protected.
• Never save passwords to online accounts which have access to personal or financial information.
• Ensure personal computers have up to date anti-virus and anti-malware protection.

Avoiding Potential Fraud

• Do not lend any money in return for a general promissory note.
• Do not make donations to charities you do not know.
• Get several estimates before you have any work done to your home. Do not pay for any work in advance of its completion and remember that all contractors must be licensed by law.
• Do not pay cash to persons you hire.
• Do not respond to requests for gift cards or money to cover “fees or taxes” in return for a loan or prize winnings. Scammers will take this upfront payment and never be heard from again.
• Be skeptical about “free trial” offers. Some companies use free trials to sign you up for continued service and automatically bill you until cancelled.
• Avoid using public computers or Wi-Fi hotspots to access online banking or provide personal information.
• Do not sign anything without reading it carefully.
• Do not sign over money or property to anyone in return for care, even a family member or friend, without having the agreement reviewed by an attorney.
• Put all financial instructions in writing and be specific.

Keeping a Trusted Community

• Establish a relationship with the personnel at your bank.
• Cultivate friends of all ages to maintain a strong support network.
• Become familiar with resources in your community designed to help older people and their families.
• If you would like more information, you may contact your local Department of Social Services. You may also visit the website for National Adult Protective Services Association.