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Mauch Chunk Trust Company Joins "Safe Banking For Seniors" Campaign

New education initiative to combat $2.9 billion in annual senior fraud

Contact: Marty McGuire, Marketing Director: mmcguire@mct.bank / 570-325-0508

Jim Thorpe, Pennsylvania (April 29, 2022)-

May is “Older Americans Month” and Mauch Chunk Trust Company is joining the national effort to protect seniors from becoming victims of fraud and financial abuse by providing Safe Banking for Seniors resources at www.mct.bank/SafeBankingForSeniors. Mauch Chunk Trust encourages both seniors and their financial caregivers to learn how to identify and avoid scams, prevent identity theft, or choosing a responsible financial caregiver.

Each year older customers lose approximately $2.9 billion to fraud, but it is suspected that number is drastically underestimated because only 1 in 44 seniors report financial abuse. Safe Banking for Seniors is a new financial education program established by American Bankers Association Foundation to help combat this growing problem.

“Scammers are always developing new ways to take advantage of people, and sadly, they often targeting older folks for numerous reasons,” said Patrick Reilly, President/CEO of Mauch Chunk Trust Company. “The Safe Banking for Seniors presentations will provide older customers and their financial caregivers with the knowledge they need to proactively protect themselves and their loved ones from these crimes.”

Mauch Chunk Trust Company also offers the following tips for seniors and their financial caregivers:

• Know the warning signs of scams.
  Scammers are always thinking of new ways to steal from seniors, but knowing the warning signs of scams will help stop fraud in its tracks. Paying fees or taxes for sweepstakes or lottery “winnings”, acting immediately on an offer or insisting on secrecy are characteristics of some types of fraud. When in doubt, talk to a trusted advisor, family member or friend.
• Protect your financial identity.
  Some scammers are more interested in stealing financial identities to open new credit cards or loans in seniors’ names. Shred receipts, bank statements and unused credit card offers before throwing them away. Never give personal information, including Social Security Number, account number or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.
• Choose a responsible financial caregiver.
  Sadly, family members and friends can also take advantage of seniors and leave them in financial ruin. Plan ahead for the day that you may not be able to manage finances on your own.
• Talk to your banker about options to ease financial caregiving responsibilities.
  Banks offer a wide range of services to help seniors and financial caregivers manage finances in accordance with seniors’ needs and desires.

Mauch Chunk Trust Company was incorporated August 25, 1902 as the successor institution to the Second National Bank of Mauch Chunk, established in 1864. MCT remains a locally owned and managed independent community bank with its main office in Jim Thorpe, PA, and operates a total of 7 Community Offices & 1 Trust/Investment Office throughout Carbon and Schuylkill Counties, Pennsylvania. For more information about MCT, please visit www.mct.bank.

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