Keeping Seniors Safe Online
The elderly are often targets for cybercrime because they tend to be more trusting and have more wealth. In this article, we’ll explore a few tips to keep your financial information safe while online.
Online Crime is Big Business
According to the FBI’s 2023 Elder Fraud Report, over 100,000 complaints were registered from people over age 60, reporting total losses just over $3.4 billion dollars. The average dollar loss was $33,915. The top complaint was Tech Support Fraud. Other frequent complaints included personal data breaches, and confidence/romance scams.
Technology Safety Tips
Secure Your Electronic Devices
Make sure you use strong passwords that do not contain identifiable information like your birthday, pet’s name, or address.
Do not discard unwanted electronic devices in the trash. Proper disposal of equipment not only protects your personal information but is environmentally responsible and is often required by law. Look into sanitizing software to completely “clean” the device prior to donating or recycling it. You may want to destroy hard drives, chips, and SIM or SD cards.
Make sure your device’s security software is up to date. An active firewall helps protect your computer from hackers who might try to gain access to crash it, delete information, or even steal sensitive information Antivirus software is designed to prevent malicious software programs from embedding on your computer and works to disarm or remove them.
Turn off your computer when not in use. Being “always on” renders computers more susceptible to an attacker’s connection.
Beware of Deceiving Email and Text Messages
Do not download or click any links that are unfamiliar to you. Carelessly opening e-mail attachments can circumvent even the most vigilant anti-virus software.
Do not send personal information like credit card numbers in an unsecured email. Remember that everyday attachments like tax returns and bank statements can be easily intercepted if your email system is breached.
Beware of offers that sound too good to be true, prizes you “won”, correspondence about services you did not order, or “official business” from government agencies you aren’t expecting. Messages from cyber criminals can look very convincing as they try to scare you into taking quick action, often involving the sending of money or gift cards.
Do not befriend people who contact you by email or text. Many cyber-predators start out with friendly conversation to put you at ease. As the relationship progresses, they may prey more and more on your trust to convince you to help them out with small money issues which may get bigger and bigger over time.
Curb Your Social Media Posting
Think carefully about what you choose to post about yourself on social media. Scammers can quickly pick up on your personal information such as last name, birthdate, residence, employer, marital status, family members, etc. They can also predict your routine based on your postings for hobbies and travel.
Do not broadcast that you are away from home. Also, consider if “checking in” to a location such as a restaurant will alert a would-be thief that you are away.
Do not accept friend requests from people you do not know.
Partner With Professional Financial Management
The team at PFM is well versed in helping retirees – no matter their age – attain a safe and secure retirement. You can rely on us to provide compassion and practical solutions. Call PFM today to schedule a no-obligation meeting to learn more about how we can partner with you to secure your financial future.