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From monthly archives: June 2020

We are pleased to present below all posts archived in 'June 2020'. If you still can't find what you are looking for, try using the search box.

Elder Abuse Online Scams

Criminals Use Online tactics to Scam Retired Victims According to a Senate committee report last year, financial scams cost older Americans approximately $2.9 billion annually. That’s a staggering number and, unfortunately, is only expected to climb. The expectation that the senior population has an untapped nest egg at their disposal coupled with a low rate of reporting of elder abuse crimes, makes it the growing crime of the time. As a generation that didn’t necessarily grow up with technology, Internet and email scams are prevalent ways that this market is scammed into unknowingly providing financial and/or personal information. What’s more, this group wasn’t necessarily raised in the overly-cautious environment younger generations have been. This makes them a much more trusting demographic; thus, increasing their vulnerability to criminal behavior. Email and Phishing Scams Phishing scams are fraudulent emails from a cybercriminal posing as a legitimate person or org ...

Protect You or a Loved One from Elder Abuse Scams

Every year, many seniors fall victim to financial scams. As this sector of the population grows older, many are accumulating more wealth and assets, making scammers see them as a potential target. With elder financial abuse being a staggering multi-billion dollar issue each year, it’s important to know what precautions to take to help protect yourself or your loved ones. Tips on Protecting Yourself Be aware that you are at risk. The most important thing to remember is that you are at risk from strangers and those close to you. Reports show that over 90% of reported abuse is committed by someone the victim knows or by a family member, most often their adult children. Use direct deposit if available. Opting to use direct deposit instead of paper checks helps ensure funds go directly into your account and are protected. This reduces the risk of checks getting lost or stolen and prevents the opportunity for it to be taken if seen somewhere inside your residence. Monitor your acco ...

Online Dating Shouldn't Break Your Wallet

The growing popularity of online dating sites have spurred an increase in online romance scam artists. Unfortunately, fraudsters have capitalized on this trend and often create fake profiles to lure victims, establish relationships, and eventually, extort money. Regardless if you're male or female, younger or older, you should always exercise caution when utilizing popular dating sites, online meetup groups, or while perusing social media channels. According to the Better Business Bureau, online romance scams have cost victims in the U.S. and Canada more than $1 billion over the last three years. Unfortunately, due to the perception of older Americans having untapped wealth and retirement funds, coupled with senior Americans' hesitation to report such scams to family or authorities, they're often a targeted group. There are some ways to help verify if the individual you're speaking to online is legitimate and/or if you're being targeted in an online dating scam. Con ...

First Bank Recognizes World Elder Abuse Awareness Day

14 Tips for Stopping Elder Financial Abuse in its Tracks Every year, millions of seniors fall victim to financial fraud. Studies show elder financial abuse costs seniors anywhere from $3 billion to $37 billion a year. In recognition of World Elder Abuse Awareness Day on June 15, First Bank is urging senior clients as well as their trusted caregivers to safeguard all personal information and stay alert to the common signs of financial abuse. “The U.S. Population is rapidly aging and the older population not only has varying financial needs and circumstances, but also hold a greater share of household net worth.” Says Bob Ahern, Chief Compliance Officer. “As such, they are also more vulnerable to financial abuse and should seek individuals and professionals who they trust to ensure their best interest and financial and personal well-being.” First Bank is offering the following tips: Plan ahead to protect your assets and to ensure your wishes are followed. Talk to some ...

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All First Bank blog information and content is strictly informational. It is not intended to be specific investment, tax, or legal advice. If you need detailed financial, investment, or tax advice, please contact a First Bank qualified professional. Please note, First Bank occasionally shares third-party content we find to be relevant and helpful to our audiences.