Safe Banking for Seniors

Resources and Financial Literacy

 
In conjunction with the ABA Foundation’s Safe Banking for Seniors program, a national, banker-driven initiative that helps older adults protect their financial assets and identities - Artisans' Bank has gathered this information to help our Delaware senior community.
 
This campaign provides resources on topics including avoiding scams, choosing executors, financial caregiving, preventing identity theft, known perpetrator fraud, and understanding powers of attorney.
THE GRANDPARENT SCAM
A grandparent scam is a type of impostor scam. Fraudsters call claiming to be a family member who needs money immediately for an emergency. They may have information about you, including your name and where you live. They’ll claim to be stranded, in jail, or require help paying medical bills.

Scammers will beg you for money, ask you to keep it a secret, and urge you to act quickly. Usually, they will tell you to wire money, pay with gift cards, or send cryptocurrency. Stop! Don’t pay—it’s a scam! If you send money, you won’t be able to get it back.
 
  • Confirm the caller. Fraudsters are using social networking sites to gain the personal information of friends and relatives to carry out their crimes. Verify who’s calling by contacting the person directly on a known number, or consult a trusted family member.
  • Don’t be afraid to ask questions. Fraudsters want to execute their crimes quickly. In this type of scam, they count on fear and your concern for your loved one to make you act before you think. The more questions you ask, the more inclined they will be to ditch the scam if they suspect you’re on to them.
  • Never give personal information to anyone over the phone unless you initiated the call and you trust the other party.
  • Never rush into a financial decision. Don’t be fooled—if something doesn’t feel right, it may not be right. It’s not rude to say no and get more information, or decline to act.
  • Report it to the Federal Trade Commission at ReportFraud.ftc.gov.
 
 
THE LOTTERY SCAM
Solicitation scams, commonly referred to as an “advance fee,” “lottery” or “sweepstakes” scam, often begin with fraudsters telling the victim they won the lottery or a raffle. The consumer may be issued a check worth more than the amount owed and instructed to pay taxes and fees before receiving a lump sum payment. Unfortunately, the check––in addition to the raffle––is bogus.
 
  1. Don’t be fooled by the appearance of the check. Scam artists use sophisticated technology to create legitimate-looking counterfeit checks, money orders, and cashier’s checks. The company name may be real, but someone has forged the checks without their knowledge.
  2. Never “pay to play.” If someone who is giving you money asks you to wire money back or send more than the exact amount—that’s a red flag that it’s a scam. If a stranger wants to pay you for something, insist on a cashier’s check for the exact amount, preferably from a local bank or one with a local branch.
  3. Verify the requestor before you wire funds or issue a check. It is important to know who you are sending money to before you make a payment. Confirm the requestor is a trusted source.
  4. Just because the check has cleared does not mean it’s good. Under federal law, banks must make deposited funds available quickly, but it can take days for the bank to learn that a check was bad.
  5. Report suspected fraud to your bank immediately. Bank staff are trained to spot fraudulent checks. If you think someone gave you a fake check, don’t deposit it—report it. Contact your local bank and report it to the Federal Trade Commission at ReportFraud.ftc.gov.
 
 
THE SOCIAL SECURITY SCAM
 
Unfortunately, in recent years, Americans have lost millions of dollars from Social Security scams. Fraudsters reach out to unsuspecting victims to steal benefits and to obtain personal information. Victims are often exploited through two common scenarios:
 
Phone Call
For many, it starts with an unsolicited phone call:
  • An individual impersonating a government official tells the victim that their Social Security number has been suspended or linked to criminal activity.
  • The victim is asked to confirm the Social Security number for security purposes.
  • The fraudster then offers to issue a new number or reactivate the old one for a fee.
  • In complying, the victim shares everything that the fraudster needs to steal the victim’s identity.
Office Closures
A fraudulent letter threatening to suspend or discontinue Social Security benefits due to office closures amid
a crisis is sent to the victim:
  • The letter instructs the victim to call a number.
  • Once the victim makes the call, fraudsters will manipulate callers into sharing personal information
  • and/or remitting payment via gift cards, wire transfers, cryptocurrency or cash.
Recognize the Signs
The best way to protect yourself is to recognize the signs of a scam and remember not to engage with scammers.
  • If you receive an unsolicited call, email or text asking for your Social Security number, be suspicious and don’t share it.
  • Fraudsters try to incite fear, encourage secrecy and make you act before you can think. Don’t be afraid to hang up.
  • The Social Security Administration will never:
    • Threaten you with benefit suspension, arrest or other legal actions unless you pay a fine
    • Require payment via gift card, cash, wire transfer, cryptocurrency or prepaid debit card
If you have questions, always confirm by calling the Social Security Administration directly at 1-800-772-1213.
 
The key to spotting financial abuse is to look for change in a person’s established financial patterns. Watch out for these red flags:
  1. Unusual activity in an older person’s bank accounts, including large, frequent or unexplained withdrawals
  2. Changing from a basic account to one that offers more complicated services the customer does not fully understand or need
  3. Withdrawals from bank accounts or transfers between accounts the customer cannot explain
  4. A new “best friend” accompanying an older person to the bank
  5. Sudden non-sufficient fund activity or unpaid bills
  6. Closing CDs or accounts without regard to penalties
  7. Uncharacteristic attempts to wire large sums of money
  8. Suspicious signatures on checks, or outright forgery
  9. Confusion, fear or lack of awareness on the part of an older customer
  10. Checks written as “loans” or “gifts”
  11. Bank statements that no longer go to the customer’s home
  12.  A caretaker, relative or friend who suddenly begins conducting financial transactions on behalf of an older person without proper documentation
Below are a consolidated group of websites and phone numbers to help you and your loved ones identify and report fraud and scams.
 
Recognize and Report Fraud and Scams
Better Business Bureau                                                     bbb.org/scamtracker
Banks Never Ask That                                                         banksneveraskthat.com
Federal Bureau of Investigation                                     fbi.gov/scams
Federal Trade Commission                                                consumer.ftc.gov/scams
Elder Fraud Hotline                                                                1-833-372-8311
 
 
 
Accessing Credit Reports and Scores
Review your credit report at AnnualCreditReport.com
Contact the three credit bureaus:
 
Equifax    |   equifax.com    |   1-888-378-4329
Experian    |   experian.com    |   1-888-397-3742
TransUnion    |   transunion.com    |   1-800-916-8800
 
Get Help for ID Theft
 
Federal Trade Commission    |   identitytheft.gov    |   1-877-382-4357
ID Theft Resource Center    |   idtheftcenter.org    |   1-888-400-5530

A financial caregiver is a trusted ally who steps in to manage your finances during moments of need, whether due to age, health challenges, or other circumstances. They can provide you with support and peace of mind!
 
According to the National Center on Elder Abuse, almost 90 percent of the financial abuse committed against older Americans are at the hands of someone they know. Here are seven tips to help older Americans choose the right financial caregiver and prevent elder financial abuse: 
 
  1. Delegate someone you trust to make financial decisions. If you are unable to facilitate financial transactions, carefully choose a trustworthy person to act as your agent in all financial matters.
  2. Consider someone who is comfortable handling a lot of details and is efficient in meeting deadlines.
  3. Choose someone who can communicate well with numerous groups of people, such as financial professionals and family members.
  4. It's best to find someone who you know is in good health and can support you. A person who is struggling to maintain his/her own health or suffers from known addictions is not an optimal choice.
  5. Patience is a key trait to look for in a caregiver. The person needs to be capable of handling multiple requests and comfortable with potentially stressful situations.
  6. Reliability is incredibly important. You need someone you can count on no matter the situation. Will the person be able to show up when you need him/her to address an issue or handle a task?
  7. An attentive person is required for this role. You need someone who pays attention to your needs and can evaluate your situation to help support your decisions.
 
ADDITIONAL INFORMATION:
 
AARP
A resource center to help caregivers navigate their roles.
aarp.org/caregiving
 
Eldercare Locator
Public service of the Administration on Aging that connects older adults with support services.
eldercare.acl.gov |  1-800-677-1116
 
WISER
The Women’s Institute for a Secure Retirement offers resources and support for women facing issues that arise around retirement age.
wiserwomen.org  |  202-393-5452
 
Social Security Administration
Information about appointing a payee to receive Social Security or SSI benefits for anyone who cannot manage their benefits.
ssa.gov/payee/faqrep.htm?tl=5 |  1-800-772-1213
 
Veterans Affairs
Information to protect veterans and other
beneficiaries who, due to injury, disease or age,
are unable to manage their financial affairs.
benefits.va.gov/fiduciary |  1-888-407-0144
 
Benefits CheckUp
National Council on Aging’s online tool that connects older adults and people with disabilities to benefits.
benefitscheckup.org  |  1-800-794-6559
 
American Bankers Association Foundation
Tips and tools to begin the financial caregiving journey.
aba.com/caregiving






















 

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