Banking

Are Your Parents Protected From Financial Abuse?

August 29, 2024 by Sherry Tingley

Caution elders to protect their finances — Protect Yourself and Others From Financial Abuse

Introduction

Elder financial exploitation is an increasingly common issue, particularly when it comes to those entrusted with the care of seniors. Whether it’s a family member, a close friend, or a hired caregiver, the potential for exploitation is real. Understanding the risks and recognizing the warning signs is the first step in protecting yourself or your loved ones from financial abuse.

What Is Elder Financial Exploitation?

Elder financial exploitation occurs when someone illegally or improperly uses an elderly person’s money, property, or assets. This type of exploitation can be committed by various individuals, but caregivers—who often have close access to personal information—can be particularly dangerous.

Common Warning Signs

Identifying the signs of financial exploitation early can prevent significant losses and protect against future harm. Some common warning signs include:

Unusual Bank Account Activity: Unexplained withdrawals, changes in spending habits, or sudden transfers to unfamiliar accounts.
Unpaid Bills: Despite having enough money, bills are not being paid, which could indicate someone is diverting funds.
Changes in Financial Documents: Unexplained changes to wills, trusts, or power of attorney documents.
Sudden Close Relationships: A new caregiver or acquaintance becomes overly involved in financial matters.

Why Are Seniors Vulnerable?

Several factors contribute to the vulnerability of seniors to financial exploitation:

Isolation: Seniors who live alone or are socially isolated may be more reliant on caregivers, making them easier targets.
Cognitive Decline: Age-related cognitive decline, such as dementia, can impair judgment and make it harder for seniors to detect exploitation.
Trust: Seniors often place great trust in their caregivers, which can be exploited if the caregiver is not trustworthy.
Physical Dependence: Physical limitations may make seniors more dependent on others for assistance, increasing their vulnerability.

Preventative Measures

While it’s important to trust those who care for you, it’s equally crucial to take steps to protect yourself. Here are some key measures to prevent elder financial exploitation:

Stay Connected: Maintain strong connections with family and friends who can help monitor your well-being.
Set Clear Boundaries: Ensure that caregivers understand their role does not include financial management unless legally authorized and under close supervision.
Regularly Review Financial Statements: Frequently review your bank and credit card statements, either by yourself or with the help of a trusted third party.

Conclusion

Elder financial exploitation is a serious issue that requires vigilance and proactive steps to prevent. By understanding the risks and taking action to protect yourself, you can ensure that your finances remain secure, and your well-being is safeguarded.

Protect yourself with checking accounts that offer security features on their .

The Latest Data Breach in America: What Happened and What We Can Do About It

August 21, 2024 by Sherry Tingley

In today’s increasingly digital world, data breaches have become an all-too-common occurrence. The most recent breach in America, which targeted a major financial institution, has once again brought the issue of cybersecurity to the forefront of national conversation. The breach, which compromised the personal and financial data of millions of Americans, serves as a stark reminder of the vulnerabilities that exist in our digital infrastructure.

What Happened?

The latest data breach involved the unauthorized access of sensitive information from a prominent U.S. financial institution. According to initial reports, cybercriminals exploited a vulnerability in the company’s online systems, allowing them to infiltrate databases that contained personal information such as names, Social Security numbers, credit card details, and bank account information. While the exact number of affected individuals is still being determined, early estimates suggest that millions of Americans may have had their data compromised.

The breach was detected when unusual activity was noticed on the institution’s servers, prompting an internal investigation. Unfortunately, by the time the breach was discovered, the attackers had already accessed and potentially exfiltrated large amounts of data. The incident has raised serious concerns about the state of cybersecurity, not just within this particular institution but across all sectors that handle sensitive data.

The Consequences

The consequences of a data breach of this magnitude are far-reaching. For the affected individuals, the immediate concern is the potential for identity theft and financial fraud. With access to personal information, cybercriminals can open fraudulent accounts, make unauthorized transactions, and even sell the data on the dark web, where it can be used by other criminals.

Beyond the individual level, data breaches can also undermine trust in institutions and the broader financial system. When consumers feel that their data is not secure, they may be less willing to engage in online transactions or share personal information, which can have a ripple effect on the economy.

Moreover, the cost of dealing with the aftermath of a data breach is substantial. Companies often face significant financial penalties, legal fees, and the costs associated with notifying affected individuals and providing credit monitoring services. There is also the potential for long-term damage to the company’s reputation, which can impact its bottom line for years to come.

What Can We Do About It?

While it may seem that individuals are powerless in the face of such large-scale cyberattacks, there are steps that we as citizens can take to protect ourselves and mitigate the impact of data breaches.

Monitor Your Accounts Regularly: Keep a close eye on your bank and credit card accounts for any suspicious activity. Set up alerts that notify you of transactions, and report any unauthorized charges immediately.
Use Strong, Unique Passwords: Ensure that your online accounts are protected by strong, unique passwords. Avoid using the same password across multiple sites, and consider using a password manager to keep track of your credentials.
Enable Two-Factor Authentication (2FA): Whenever possible, enable two-factor authentication on your accounts. 2FA adds an extra layer of security by requiring you to verify your identity through a secondary method, such as a text message or an authentication app.
Be Cautious with Personal Information: Be mindful of the information you share online, especially on social media. Cybercriminals often use publicly available information to answer security questions or craft phishing attacks.
Stay Informed: Keep up to date with the latest news on data breaches and cybersecurity. Knowing which companies have been compromised can help you take timely action to protect your data.
Freeze Your Credit: If you believe your information has been compromised, consider freezing your credit with the major credit bureaus. A credit freeze makes it more difficult for criminals to open new accounts in your name.
Advocate for Stronger Protections: While individual actions are important, it’s also crucial to push for stronger cybersecurity measures at the corporate and governmental levels. Support legislation that requires companies to implement better security practices and hold them accountable for protecting consumer data.
Use Identity Theft Protection Services: Consider enrolling in an identity theft protection service that monitors your personal information and alerts you to any potential threats.

Conclusion

The recent data breach in America is a sobering reminder of the vulnerabilities that exist in our digital world. While we cannot eliminate the risk of cyberattacks entirely, we can take steps to protect ourselves and mitigate the damage. By staying vigilant, using robust security practices, and advocating for stronger protections, we can play a role in safeguarding our personal information in an increasingly connected world.

Tips To Managing Your Checking Account

August 16, 2024 by Sherry Tingley

1. Regularly Monitor Your Account
Make it a habit to check your account frequently. Monitoring your account helps you track your spending and quickly spot any unauthorized transactions.

2. Set Up Alerts
Most banks offer alert services that notify you when your balance is low, a large withdrawal is made, or a bill is due. These alerts can help prevent overdrafts and late fees.

3. Automate Your Finances
Set up automatic payments for recurring bills and transfers to savings. This ensures that you never miss a payment and helps you save consistently.

4. Keep a Buffer
Maintain a cushion in your account to avoid overdrafts. Even a small buffer can save you from fees and financial stress.

5. Use Online Banking Tools
Take advantage of online banking tools to categorize your spending, set budgets, and even track your financial goals.

6. Avoid Overdraft Fees
Link your checking account to a savings account or a line of credit to cover overdrafts. Alternatively, sign up for overdraft protection.

7. Reconcile Your Account
Regularly compare your checkbook register with your bank statements to catch any errors or unauthorized transactions.

By following these tips, you can keep your checking account in good standing and avoid unnecessary fees or complications. For a deeper dive, you might want to visit the original article on Discover’s website.

Title: From Overdraft to Empowerment: A Journey of Financial Resilience

In today’s world, where the buzz of financial stability seems like a distant hum for many, Alex Jordan found themselves on the brink of financial chaos. A once flourishing checking account had turned into a ticking time bomb of overdraft fees, financial anxiety, and sleepless nights. However, Alex’s story isn’t just about struggle—it’s about resilience, empowerment, and the eventual triumph over financial hardship.

The Downward Spiral

It all started innocently enough. Alex had a steady job, a modest income, and a checking account that usually stayed in the black. But life, as it often does, threw some unexpected challenges their way. A series of medical bills, a car repair, and a sudden rent increase began to chip away at Alex’s savings. The buffer they once relied on shrank, and before long, they found themselves in the red.

The first overdraft was a wake-up call. It wasn’t just the fee—it was the realization that their financial cushion was gone. But as the bills kept coming, Alex found it harder to stay afloat. The overdraft fees started piling up, creating a vicious cycle that was hard to break. Each time they thought they were catching up, another fee would set them back.

The Turning Point

The stress of managing a negative balance began to take a toll on Alex’s mental and emotional well-being. The constant dread of checking their account balance, the fear of another overdraft, and the embarrassment of declined transactions became overwhelming. But it was in this moment of crisis that Alex found their strength.

Rather than letting the situation spiral further out of control, Alex decided it was time to take back control of their finances. The first step was acknowledging the problem and reaching out for help. They contacted their bank, explained their situation, and asked for assistance in managing the overdraft fees. To their surprise, the bank was willing to work with them, waiving some of the fees and setting up a payment plan to bring the account back to a positive balance.

The Road to Recovery

With a clear plan in place, Alex began the slow and steady process of rebuilding their financial stability. They took a hard look at their spending habits, identifying areas where they could cut back and save. They also started tracking their expenses more diligently, using budgeting apps and tools to keep a close eye on their finances.

One of the most significant changes Alex made was setting up automatic transfers to a savings account each month, no matter how small the amount. This not only helped rebuild their financial cushion but also gave them a sense of security and control over their money.

Another crucial step was seeking financial literacy. Alex attended free workshops on budgeting, managing debt, and saving for the future. They also read books and articles on personal finance, learning strategies to avoid falling into the same traps again.

The Triumph of Resilience

Today, Alex’s checking account is back in the black, and the days of overdraft fees are a distant memory. But more importantly, they’ve emerged from this experience with a newfound sense of financial empowerment. The lessons learned during this challenging period have not only improved their financial situation but have also instilled a deeper understanding of the importance of financial planning and resilience.

Alex’s story is a testament to the power of perseverance and the importance of taking control of one’s financial future. While the journey wasn’t easy, it was ultimately rewarding, proving that even in the darkest financial times, there is always a way out—with patience, planning, and a little bit of help.

In the end, Alex didn’t just survive the financial storm—they thrived. And their story serves as an inspiration to anyone struggling with their finances, showing that it’s possible to overcome even the most daunting financial challenges with the right mindset and resources.

Are Cryptocurrencies Safe

March 12, 2018 by Twila Van Leer

Bitcoin and other cryptocurrencies have been making headlines recently, mostly laced with warnings that they might be more conducive to fraud than regular currency.

They are scams just waiting to happen, according to some experts. Ponzi schemes and other frauds involving Bitcoin are being investigated across the country, some of them targeting retirement accounts.

The number of daily transactions have been falling in 2018, likely based on the concerns. As the year began, the number was at 421,000. By the end of February, they were down to 191,000, according to the Bitcoin.com website. The price at its peak was in December when it was $19,180.22 per share. Currently, it is worth $10, 869.77. The numbers indicate that a Crypto recession is brewing, experts say.

JPMorgan Chase experts says the possible results of the changing Bitcoin market are not clear, but “Increased competition also may require the bank to make additional capital investments in its businesses or to extend more of its capital on behalf of its clients to remain competitive.” In others words, the banks might have to join Crypto before they can beat Crypto.

Investors are being warned about promoters who promise high returns through Bitcoin arbitrage or trading strategies. Particularly, they should “think twice” before picking up an offer for a chance to get in on “initial coin offerings” in which the investor receives new cryptocurrencies in exchange for an investment of actual money.

People who are technology savvy and connected may be more vulnerable to the potential scams. Many fall for the internet hype without fully understanding the complexities of Bitcoin as mediums of exchange created and stored electronically in a process known as the “blockchain.”

They have no physical form and typically are not backed by tangible assets. Investments are not insured or controlled by a central bank or other governmental authority and cannot always be exchanged for other commodities. Cryptocurrency investments are vulnerable to computer hacking and subject to wild price fluctuations.

Bottom line: Beware of unsolicited sales pitches, guarantees of investment returns that seem too good to be true and pressure to complete transactions in a hurry.

Manage Stress To Help Manage Your Budget

February 17, 2018 by Sherry Tingley

Stressed? Depressed? Here’s How To Cope

If you’re feeling Grinch-y, Scrooge-y and a bit more than bah hum-bugged, overwhelmed by the array of demands the holidays bring, there are ways to make things better, according to a Mayo Clinic release.

Among the stressors are too many – sometimes unwelcome – guests, selecting and then paying for gifts, shopping, baking, cleaning and entertaining. And the list goes on, depending on your own circumstances. Plenty to make for a no-good, no-fun, no-happy Noel.

The trick, if possible, is to recognize the potential and stop it at the pass. Especially if you’ve had problems in the past, anticipate an emotional toll and don’t let it happen.

The Clinic’s suggestions include:

1. Acknowledge your feelings. If you’ve had particular challenges recently, don’t expect them to be less emotionally draining just because it’s the holidays. It’s all right to cry or otherwise express your feelings.
2. Reach out to others. If loneliness or isolation get too big to bear alone, seek out community, religious or other opportunities to be with others. Volunteer to help others as a way to put your troubles into perspective and broaden friendships.
Be realistic. Nobody’s holidays are perfect. If things are different from last year, if your family structure has changed, traditions and rituals altered, don’t expect things to be the same. Hold onto some of your personal traditions and be open to new ones. For example, if your adult children can’t make it home, find new ways to share long-distance, through emails, pictures, chats or videos.
4. Set aside differences. Looking for the ideal in any normal family is an exercise in futility. Accept each other as is. If there are grievances, wait for a more opportune time to discuss them. If others get upset or distressed, be understanding. Avoid confrontation.
5. Stick to a budget. If your stress and depression are triggered by money matters, make them matter less. Plan a realistic holiday budget and then stick to it. Buying an avalanche of gifts that you can’t afford will only extend the pain beyond the holidays. Give homemade gifts, donate to a charity in another’s name, promote a family gift exchange.
6. Plan your time. Divide up the chores into manageable bits: a time for shopping, baking, parties and other activities. Avoid last-minute scrambling. Be sure you have the ingredients you need for cooking. Line up help for preparation and cleanup.
7. Learn to say No. If you overextend yourself, you end up feeling resentful and overwhelmed. If you can’t involve yourself in every possibility that comes your way, don’t feel the need to apologize. If you can’t avoid the added demands, for instance, if the boss says he needs you overtime, drop something else from your schedule if you can. The days during the holiday season are just 24 hours long, as usual. Don’t try to pack them too tightly.
8. Retain healthy habits. Have a snack before a party to avoid overeating. Get enough sleep. Make exercise part of every day.
9. Take a breather. Make time to relax and be by yourself. Just 15 minutes maky be enough to refresh and help you handle what’s on the agenda. Take a nighttime walk. Listen to music, read a book, get a massage. Whatever it takes to relieve the tension and prepare you to jump back into the maelstrom.
10. Get professional help if you need it. If you persistently feel sad or anxious, have recurring physical symptoms, can’t sleep, are irritable and feel hopeless and unable to face routine expectations, see a doctor or mental health professional.