Keeping Your Bank Account Safe From Fraudulent Activity

Keeping Your Bank Account Safe From Fraudulent Activity

Keeping Your Bank Account Safe From Fraudulent Activity provides information about financial exploitation of the elderly and how you can detect fraudulent behaviour. Taking some precautions will help you minimize fraudulent activity and therefore keep your bank account safe.

Keeping Your Bank Account Safe From Fraudulent Activity

Keeping Your Bank Account Safe From Fraudulent Activity

It seems that fraudulent activity is becoming a world-wide problem. Many people have money taken from their banking accounts each year without prior permission. The elderly are one group of people who are targeted. Therefore, it is advisable for the elderly to take action in order to keep their bank accounts safe from fraudulent activity.

The fact is that millions of people throughout the world have money stolen from their bank accounts each year. The people most affected by this fraudulent activity are the elderly. People often think that financial exploitation is conducted by organized criminals. In some cases this may be true. However, fraudulent exploitation of the elderly is usually associated with a family member or carer.

When it comes to keeping your bank account safe from fraudulent activity, it is paramount that the elderly take action to guard their bank accounts from such activity.

The warning signs are very obvious and you need to be alert to them.

  • Money is slowing disappearing from your bank accounts without your permission
  • Billing accounts are not getting paid or there is not enough money to paid these accounts
  • Money is being withdrawn in large amounts without your authorization
  • You are being asked to give money without knowing exactly what it is for
  • You are being asked to sign papers which are not fully explained to you

Online Banking and Standard Bank Accounts are generally the two areas of concern when it comes to fraudulent activity.

Keeping Your Online Banking safe requires precautions. These days most people are aware of internet banking. In fact, internet banking or online banking is becoming very popular. With online banking, you have more control of your finances and you have the ability to see and process your finances in the comfort of your own home. No more waiting in line or driving to your local branch. Furthermore, because you have instant access to your financial information, this helps you keep an eye on your finances.

Online banking is the way to go; however, it is still in your best interest to take precautions to avoid fraudulent activity so that you can keep your bank account safe.

  • Login and check your bank accounts regularly
  • Keep your personal internet banking details in a safe place
  • Keep your security up-to-date: firewall, virus protector, spam filters, etc.
  • Change your password on a regular basis
  • Avoid using your online banking in public places

There are some people who will continue to use the standard banking method. Computers and online banking is not for everyone. Therefore, you also need to take precautions so that you can keep your banking accounts safe from fraudulent activity. Because the standard banking system involves bank statements, check books and cash, you will need to action with the following precautions.

  • Check your bank statement each month
  • Place bank statements and cheque books in a safe place
  • Store ATM cards in a safe place and do not give pin numbers to other people
  • Don't sign blank cheques
  • Keep in touch with your bank on a regularly basis
  • If possible, have a joint account with two signatures

The last thing you want to worry about in your twilight years is someone (a family member or carer) taking money from your bank accounts without your permission. If you take precautions, you will spot fraudulent activity. Remember, when you discover someone taking money from your bank account without permission, contact your bank immediately.

If you want more information on this topic, click on the following link - keeping your bank account safe from fraudulent activity.

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