Protecting Senior Citizens from Financial Fraud

At FitnessBank, we value our senior citizens.

And in a world that’s increasingly more tech-dependent, it can be difficult to keep up. That’s not a knock on ability, but rather speaks to growing up in a culture where these advancements didn’t exist. The drawback here is that the lack of practice and understanding makes them vulnerable to financial fraud.

Here, it becomes the obligation of those with the knowhow to protect the vulnerable. That’s why we’ve come up with a list of things to be aware of in this effort. Read on for more information.

How to Tell When Fraud Happens

It’s a statistical fact that fraud is one of the greatest concerns facing senior citizens.

It happens so much that it’s even managed to snag the title of an epidemic in some circles. The saddest part is, it’s not always some clandestine scammer waiting in the shadows to do harm. Sometimes, it can be the people closest to them taking advantage.

If you’re monitoring a senior citizen’s finances, there are a few areas to look to determine if there’s been a mishandling of their funds. First, check their bank statements. If someone is cashing checks or moving money from their account unlawfully, that’s a great place to get a good indication.

How FitnessBank Helps

The overall impact of this kind of crime goes far beyond monetary circumstances. On the hard data side, these infractions can damage factors like credit score, property, and so much more. And that’s not even mentioning the psychological impacts. It’s a hard pill to swallow when you’re the victim of strong arm theft. But imagine how violated one must feel when the infraction happens without the need for physical interference.

If you have senior citizens in your life, and they suspect they may be a victim of fraud, use these metrics to assess their current standing. Not only will this give them peace of mind, but also allows you to live up to a social responsibility that’s so necessary. And in the fight for safer finances, you can always count on FitnessBank.

Contact us today to learn more about our services.