3 ways seniors can protect their financial information

It is not uncommon these days to hear horror stories from friends or the news of people who have fallen victim to cyber attacks and hackers. Most of us conduct business online, whether that means shopping for new items or paying the bills through a secure website. Of course, not all financial crimes happen online.

Studies show that the elderly are especially vulnerable to having their financial information stolen. That is why it is so important to arm senior citizens with the knowledge they need to keep their data as secure as possible.

Here are a few strategies that can help:

  • Don't carry around your Medicare card: If you have your Medicare card on you, that can increase the likelihood of the information being stolen and abused. Combined with a social security number, and you can end up being robbed blind.
  • Use a credit card when paying: Seniors who are concerned about keeping their bank information protected should use credit cards when paying for items instead of debit cards. Debit cards link direct to bank information, which can leave a person vulnerable if they are not careful.
  • Rely on cash when you can: Whenever it is possible, it is better to use cash instead of a card. While this is not always possible in the current day and age, paying with cash is the best way to keep your financial information safe from fraud.

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