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Safe Banking for Seniors

NEW: 3 videos in the "Scams" section below

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Mauch Chunk Trust Company is joining the national effort to protect seniors from becoming victims of fraud and financial abuse through the "Safe Banking for Seniors" program. (View Press Release)

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 (ABA) Foundation to help combat this growing problem.

MCT encourages both seniors and their financial caregivers to read through tools & resources listed below to help prevent elder financial abuse and exploitation. Topics include avoiding scams, preventing identity theft, financial caregiving, powers of attorney, choosing executors, and more.

Mauch Chunk Trust 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. MCT offers a wide range of services to help seniors and financial caregivers manage finances in accordance with seniors’ needs and desires.

Elder Financial Exploitation

Financial Caregiving

Scams

Need some guidance? Consider speaking with MCT’s Trust Department to assist your loved ones with Trust & Estate Planning, Financial Power of Attorney, and more. Visit our Trust Department page or contact Lisa Perry, Trust Department Manager at 570-325-0486.

 

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