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Financial fraud is an ongoing concern, especially for elderly individuals, but it doesn’t have to impact you or your loved ones. All you need is a partner in financial safety — a financial institution that’s constantly looking out for suspicious activity potentially impacting your accounts and has the resources to help keep your personal information secure.

As technology advances, criminals are continuously trying to find new ways to obtain personal information, but there are a few basic tips to remember that can keep anyone safe from fraud. Start with strengthening your passwords or using passphrases, as well as turning on multi-factor or two-factor authentication when available. Also, remember these easy practices that are useful for anyone of any age, but especially helpful to seniors who are often the victim of fraudsters:

•        Plan ahead – Consider designating a trusted individual who can help monitor your accounts or assist with financial decisions, if needed. Planning ahead gives you peace of mind that your finances are managed according to your wishes and reduces the risk of financial exploitation.

•        Stay informed on your accounts – Check your account statements and credit history regularly so you can catch any suspicious activity quickly and report it. Also, sign up for any account alerts your financial institution offers so you’re notified of anything fishy.

•        Be stingy with your information – Never give personal or financial account information to anyone you don’t know, especially over the phone, email, or text. Fraudsters will often call posing as your financial institution’s fraud department and ask you to reset your password and share the one-time passcode you receive, granting them access to your account. If you’re unsure the person you’re speaking to is a legitimate employee of your financial institution, hang up, and call a number you know to be associated with your financial institution.

•        Beware of spoofing – Criminals use various tactics to pry information, including spoofing, where they can appear as anything on your Caller ID, even a trusted individual or business. Do not share any personal information over the phone until you can verify the legitimacy of whoever is calling. Always verify the validity of any emails or text messages before clicking on links or downloading attachments.

•        Watch what you post – Limit the amount of personal information you share on social media, including anything that could be used to answer common account security questions like the make and model of your first car. Oversharing your location can also be an easy way for criminals to track where you are.

Your financial institution should be a resource to help you combat financial fraud. Take advantage of any digital banking features your financial institution offers, such as card controls, custom account and fraud alerts, travel notices, or credit monitoring. Also, set up multi-factor authentication when you’re logging in for added protection on your accounts.

At Ascend, we offer our members aged 65 or older an extra layer of account security with our Advance Consent Agreement. By opting in, members authorize Ascend to contact a listed “trusted contact” in the event Ascend suspects fraud or abuse. Members 65 and older can schedule an appointment to discuss our Advance Consent Agreement with an Ascend representative by visiting any of our 28 Middle Tennessee branches or going to ascend.org/schedule. Members who have any concerns or questions regarding the security of their accounts or suspect any fraudulent activity should contact our member service team at 800-342-3086.

You should also be aware that financial abuse can happen not only through fraud, but also through exploitation by someone close to them such as a caregiver, family member, or trusted acquaintance.  If you are a caregiver or family member of an elderly person, be mindful if you notice unusual or unauthorized bank withdrawals, missing personal belongings, sudden changes to legal documents or wills, unpaid bills, mounting debt, or any forged signatures. These may be signs of financial exploitation. Suspected financial abuse should be reported immediately to law enforcement.

These tips should help you stay one step ahead of criminals and keep your personal information where it should be: with you. View more fraud prevention tips at ascend.org/fraud.

Raven Garner is the Assistant Vice President of Fraud and Security at Ascend Federal Credit Union. Ascend is federally insured by the NCUA.