IDENTITY AND FINANCIAL ABUSE OF SENIORS IS ON THE RISE!

Unwary seniors are increasingly victimized by others regarding their identity and financial assets.

This often occurs when a credit or ATM/Debit card is lost or stolen. Seniors often delay reporting any missing or stolen credit or ATM/Debit cards. These events should be reported immediately to prevent substantial financial loss.

When a credit card is involved you can report the problem before any charges are actually paid and dispute any improper charges posted against the card. With an ATM/Debit card the theft/loss event becomes much more serious. The general rules for ATM/Debit cards are as follows and may vary by card provider:

• If ATM/debit card is reported lost/missing before being used again then no loss; $0
• Within 2 business days after lost/missing, loss is limited to $50
• More than 2 days after lost/missing, loss is limited to $500
• More than 60 days after lost/missing, unlimited liability (whatever is in the bank account and possibly linked accounts)
• The best way to limit risk of loss is to confine the use of it as an ATM/debit card as much as possible, or use it exclusively as a credit card instead. Many credit cards have applications that will alert to charges almost instantly.
• Questions?  Contact us today for a consultation.