Elder Security

Take these steps to protect yourself or a loved one:

• Create a power of attorney. When you sign a power of attorney, you give someone the power to act on your behalf to pay bills, manage property, and make other financial decisions. It’s a simple way to keep your finances in the hands of someone you trust.
• Set up a joint account. Older adults with memory loss or cognitive decline can often benefit from a joint account. A second set of eyes on bank statements can safeguard a loved one from scams.
• Name a trusted contact person. Unlike a power of attorney, a trusted contact person lacks the legal authority to act on your behalf on financial transactions. However, they can answer questions about sensitive information regarding your accounts.
• Hire a money manager. Having trouble staying on top of your finances? Hire a money manager. They help steer your day-to-day finances, but you still stay in the driver’s seat.
• Use First Financial’s Online & Mobile Banking Platforms. Sign up for eStatements. They are more secure than paper statements since they will not be lost in the mail.
• Enroll in eAlerts. Free email or text message alerts that notify you when certain activity occurs on your account.

It’s your money, so ask questions. Here are some tips for working with financial advisors:

• Don’t be intimidated.
• Before you sign anything ask questions, don’t feel rushed.
• If you get advice or information, ask the advisor if they are working in your best interest.

Follow these tips to prevent Medicare ID fraud.

• Keep your Medicare and Social Security cards secure.
• Don’t share your numbers with anyone but your health care team.
• If someone calls and asks for your Medicare information, hang up. Medicare will only call you if you’ve called and left a message or if a representative said that someone will call you back.
• Check your statements carefully and log into MyMedicare.gov to spot possible fraud and billing mistakes.

Guard your wallet as well as your heart. A romance scam is when a new love interest says they love you, but they really just love your money and may not be who they say they are. Be on the lookout for these warning signs of a romance scam:

• A new love who lives far away asks you to wire them money or share your credit card number with them even if they say they’ll pay you back.
• Your new romantic interest asks you to sign a document that would give them control of your finances or your house.
• Your new sweetheart asks you to open a new joint account or co-sign a loan with them.
• Your new darling asks for access to your bank or credit card accounts.

Beware of scams related to your military benefits. Scammers are targeting the aid and attendance benefit, which is an increased monthly pension for veterans or their surviving spouses who are eligible for a VA pension and need help with activities of daily living, are bedridden, are patients in a nursing home, or have certain vision limitations. Look out for:

• Offers to file an application to get you benefits or increase your pension for a fee
• Claims to get you benefits faster for a fee
• Advice to move your money so you’ll qualify for benefits

Mail fraud letters look real but the promises are fake. Older people are losing millions of dollars every year to mail scammers. Watch out for mail with these warning signs:

• Claims that you have won money or will win money
• Letters asking you to pay a fee to receive a prize
• Letters from psychics or offers to predict your future
• Mail that looks personalized to you from someone you don’t recognize
• Don’t respond and don’t send money. If you’re not sure about a letter, show it to someone you trust.

This scam is on the rise. Government employees will not threaten to take away benefits or ask for money, gift cards, or personal information to protect your Social Security number or benefits. Scammers can fake your caller ID. So don’t be fooled if the call seems to be from the SSA or the SSA Inspector General’s Fraud Hotline number. If a caller asks for your Social Security number, bank account number, or credit card information, hang up.

Beware of scammers pretending to be your grandchild, relative, or friend. Often they claim to be in trouble, usually in jail or stranded in a foreign country, and ask you to send money. They may ask you to send cash by mail or by gift cards. They often beg you to keep it a secret and act fast before you start to question. Is it really your loved one or an imposter? Don’t panic! Take a deep breath and get the facts. Don’t send money unless you’re sure it’s the real person who contacted you. Hang up and call your grandchild or friend’s phone number to see if the story checks out. You could also call a different friend or relative. Is the person asking for gift cards? If someone is really in need, gift cards won’t help.