We live in a generation that is digitally connected to the ninth degree. Financial transactions like shopping, banking, and Investment Management, can be made online using a computer or mobile device. Today it is critical to have the safeguards in place for you and your family to reduce the risk if identity of theft and fraud. Many of us have parents that are now senior citizens and we know that they are usually not technically savvy. And they may be having trouble with the learning curve. And it is most likely up to you to help them protect themselves in regards to being scammed online and protecting their assets.
We have put together a few suggestions to help protect you and your aging parents. These tactics along with Estate Planning in the traditional sense, insure the future of your parents’ finances and ultimately, your inheritance.
1. Passwords and pins that are strong and not easily guessed.
Passwords should be eight characters long with capital letters lowercase letters numbers and symbols. You should change them regularly, about every six months. Using the same password for multiple accounts increases the risk of someone having access to more than one account if they happened to guess your password. Also, never store passwords on the computer, grab a notebook start a password journal and keep it in a secure location that may be only you and your parents know.
2. Securing the computers.
Install a secure and strong antivirus, anti malware, anti-spam, and spyware protector. Do your research here, some antivirus software companies install unwanted advertisements on the computer and use too many resources. Make sure the software stays updated, they usually have an auto update feature on a schedule. Also go through all of the settings and options and configure it to run automatically.
3. When doing Financial Business Online use your own personal computer and avoid public Wi-Fi!
When logging into Financial corporations from say, a library, the risk of accidentally forgetting to logout is high. Make sure your parents use their own personal computer that is hardwired into the internet for Financial transactions online. Some people use their phones while logged into public Wi-Fi like Starbucks. Unfortunately, there are people that are looking for people logging into their Banks and credit cards from their phones or laptops on public Wi-Fi, they can hack and steal credit-card numbers and passwords.
4. Regularly monitor your parent’s credit reports and credit scores.
Thieves can use your parents personal information to open new accounts that get billed to another address. Monitoring their credit reports will alert you if there is any fraudulent activity. Immediately call your Banks and the police if you find any fraudulent activity.
As our parents are aging it is really vital for us to pay attention to what’s going on in their lives. It is a sign of love to make sure your parents aren’t being scammed or stolen from. Use these tips to protect your parents’ financial Resources.
