Keeping Your Bank Account Safe from Fraud

July 28, 2011 - PRLog -- Financial exploitation of seniors is an increasing problem, including cases where money is stolen directly from a senior’s bank account. The Society of Certified Senior Advisors has released a new article that provides red flags for financial abuse to seniors as well as tips for keeping their bank account safe from fraud.  

Excerpts from article:

Red flags for financial abuse to seniors, as reported by the National Association for Professional Geriatric Care Managers, includes:

•  Someone is responsible for paying bills for the senior, but the bills are not paid and there are not adequate resources to pay for them.
•  Unexplained money missing from the senior’s accounts.
•  Family member/caregiver withdrawing large amounts of money from accounts.
•  Someone taking money under false pretense.

Most bank accounts offer special banking opportunities for people 60 and over. Ask your bank about their offerings for senior citizens. Some of the common features for senior accounts are:

•  Bank fixed deposit. Seniors can get a slightly higher rate of interest, ranging from 0.25 to 0.75 per cent, depending on the bank.
•  Savings Scheme. A higher interest rate is payable on an initial investment that is locked in for a specified period of time.
•  Tax benefit. Seniors can take a tax benefit in the form of a deduction when they invest in bank fixed deposits and/or the savings scheme.

This press release contains only small excerpts from its original source. To read the full length of this article, visit the SCSA Library at http://www.csa.us/SocialInterestLibrary.

The Society of Certified Senior Advisors (SCSA), provides free resources and tools for our members as an ongoing commitment that we have in helping professionals to understand the complex and dynamic lives of modern senior citizens.

About SCSA
SCSA’s mission is to educate professionals to work more effectively with their senior clients. For those who work with seniors, this means understanding the key health, social and financial factors that are important to seniors—and how these factors work together. For more information about SCSA and its educational course, please visit www.csa.us.

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Contact:
Erica Ananich, SCSA
(888) 538-2599
society@csa.us
www.csa.us/blog

Refer a colleague today by visiting www.csa.us/CSA Referral

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SCSA educates professionals to work more effectively with their senior clients. That means understanding the key health, social & financial factors that are important to seniors — so you can find success in the senior market.