Banking Tips For Seniors In Canada
Banking has changed a lot over the years. Modern technology has made banking easier and safer for seniors. This blog lists tips that seniors can use to make sure they stay safe while banking.
Many senior (above 65 years), who do not know much about the changes taking place in the financial sector, have little knowledge of banking products and services. Seniors often face unique challenges to deal in their day-to-day lives. Be it the fear of fraud, difficulty in managing finances and transactions, or mobility, the challenges become hard to overcome for an elderly person.
With financial concerns, they need help. Hence, we have included a few banking solutions for senior residents in Canada.
Targeting senior citizens
Swindlers are continuously applying new methods to do financial fraud. An elderly person is often their soft target. It is vital to recognize and understand the many financial frauds seniors face.
Cyberattacks on elderly accounts
Cyber fraudsters use methods to get access to the elderly’s financial assets and banking information. A phone call, mail, email, prepaid card, bitcoin frauds are common.
Phishing & Spam
Phishing schemes usually include sending the victim an email or text message instructing them to click on a link or download an attachment. These links and documents may direct to a website that appears to be from a bank or other trustworthy institution, but it is a fake site built by cybercriminals. This way the scammers get all the banking details from the elderly.
In other circumstances, cyber thieves may even send phishing emails to all the contacts of the elderly using their email account.
Cybercriminals may also impersonate a family member of the elderly and send messages to their friends and family requesting money for an emergency.
Learn about the different measures senior citizens can take to stay safe while banking online.
Here are some measures that seniors can take to stay secure:
- Seniors should set up a joint account with a trustworthy family member.
- Never give out sensitive information, such as account numbers, social security numbers, debit or credit card numbers, or PINs, over the phone or email.
- Make banking easier and manageable by setting up automated payments from the convenience of home.
- Understanding how credit and debit card fraud works might also assist senior citizens in avoiding becoming victims of fraud.
- If they have hacked the bank account, notify the banking institution and any other companies right away.
- Reviewing the bank account and credit card statements is one of the first actions to do if you suspect the frauds have used the credit card without authorization.
So, these tips can protect elderly citizens from any fraud. Refer to ‘Important Tips for Every Phase of Your Financial Life’ to know and understand more about saving money in any phase of life.
