Be Aware of Financial Fraud and put on Necessary Measures to counter them
Wherever there is money, there is always someone waiting to take advantage of such a situation to get the money in a fraudulent way. Developing from this idea, as seniors, you need to know that you are at greater risk of financial fraud than younger generations. There are a number of reasons why you should get a 2020 Medicare advantage plans comparison @ http://www.medicareadvantageplans2020.orgThe first reason is that as a senior, you may tend to think that everybody that comes your way as a financial advisor is an angel. This is the time when you will start entrusting someone with your finances only to realize that they are fraudsters.
Ways of reducing fraud risks
There are a number of ways in which you can reduce risks associated with fraud. The first way is giving an order where the banks can be able to detect such fraud and confirm if you are aware of such activities. Sometimes, fraudsters whom we have entrusted our financial accounts may breach the security codes outlines by banks. Such a breach could be determined by fraud alert systems through the bank. Sometimes fraudsters could attempt to withdraw a huge sum of money from your bank account only for you to be notified of such a plan. It is important, therefore to put in place orders where you can be notified of any attempted fraud.
Entrust a single trusted individual with your accounts
It is very important to make sure that as you age continues to add up, a trustable member of the family should be chosen so as to be in charge of all your financial accounts. The responsibilities of such an individual will be managing your accounts by ensuring that bills and other expenses are paid on time, checking whether there are fraudulent activities or attempts any given time and even advising you on the balances and the rate of usage of your money.
Ask the bank to be your accounts administrators
Sometimes, when there is not one person to trust, it is better to make your primary bank as the administrator of your account. In so doing, you will be instructing the bank to be paying your bills, handling other crucial financial obligation as well as create as security alert whenever there is a fraudulent attempt. This is one of the best way to handle you finances and financial account payments as well.