Protecting Your Finances as You Age: A Smart Security Checkup

As summer gives way to fall, many of us settle back into familiar routines. We schedule annual checkups, tackle home maintenance projects, and prepare for the busy months ahead. It's also the perfect time for another important checkup—your financial security.

Financial scams continue to evolve, and today's fraudsters are becoming increasingly sophisticated. They impersonate trusted organizations, create convincing emails and text messages, and often try to pressure people into making quick decisions. While anyone can become a target, older adults are frequently singled out because scammers assume they have accumulated savings, own a home, or are less familiar with emerging technology.

The good news? A few proactive habits can go a long way toward protecting your finances and your peace of mind. If you're safeguarding your own accounts or helping an older parent or loved one, these simple steps can help you stay one step ahead.

1. Know the Warning Signs

Scammers change their tactics constantly, but many rely on the same psychological tricks. Rather than focusing on one specific type of fraud, learn to recognize behaviors that should immediately raise a red flag.

Be cautious if someone:

• Insists you act immediately or threatens negative consequences.
• Asks you to keep the conversation secret.
• Requests personal information, passwords, or security codes.
• Demands payment through gift cards, cryptocurrency, wire transfers, or other unusual methods.
• Claims to represent a financial institution, government agency, or family member but pressures you not to verify their identity.

If something feels rushed or doesn't seem quite right, trust your instincts. Legitimate organizations want you to ask questions and verify information before making important financial decisions.

2. Let Technology Help Protect You

One easy way to strengthen your financial security is to let your accounts work for you.

Many financial institutions, including American Heritage Credit Union, offer tools that help you monitor your accounts and notify you when unusual activity occurs. Transaction alerts, account notifications, and fraud monitoring can provide an extra layer of protection by helping you spot suspicious activity quickly.

It's also a good habit to review your account activity regularly. Even a quick check every few days can help you catch unauthorized transactions before they become larger problems. Think of these tools as another set of eyes helping you watch over your finances.

3. Have the Conversation Before You Need It

Financial security isn't just about passwords and technology. It's also about relationships.

Whether you're an older adult or you're helping your aging parents, having open conversations about finances can make it much easier to recognize suspicious situations.

Talk about topics such as:

• Who should be contacted if something seems unusual.
• How to verify unexpected phone calls or emails.
• Where important financial documents are stored.
• Who is authorized to help manage accounts if needed.

These conversations may feel uncomfortable at first, but they create a trusted support system before a problem ever arises.

4. Slow Down Before Making Financial Decisions

One effective fraud prevention strategy costs nothing: simply pause.

Scammers succeed because they create urgency. They want you to react emotionally before you have time to think. Before sending money, sharing information, or clicking a link, take a moment to ask yourself:

• Was I expecting this request?
• Have I verified who contacted me?
• Does this request seem unusually urgent?
• Can I call the organization directly using a trusted phone number?

Taking just a few extra minutes can prevent weeks or even months of financial headaches.

5. Keep Learning About New Scams

Fraud schemes continue to evolve as technology changes. The more familiar you are with current scam tactics, the easier they become to recognize.

Take advantage of financial education resources offered by trusted organizations. Reading an occasional article, attending a webinar or seminar, or reviewing online security tips can help you stay informed without becoming overwhelmed. Knowledge remains one of the best defenses against fraud.

6. Scams You Should Recognize

Although scams are continually evolving, there are some tactics that fraudsters come back to time and time again. Here are some of the most common scams you should be able to spot and recognize:

• Phishing - a scammer pretends to be a trusted source to trick you into providing personal information, credit card details, passwords, and more; can be a phone call, email, or more
• Smishing - a form of phishing that comes via a text message, and may ask you to act quickly to provide information or click a link to claim a prize
• Grandparent scams - a fraudster pretends to be a close relative in urgent distress (legal, medical, or other) that needs immediate financial relief or assistance
• Phantom Hacker scam - a three-staged approach where the scammer poses as a different person at each stage, often times starting as tech support, then a bank official, and finally a government agent; ultimately, the scammer will claim your accounts have been compromised and your funds need to be moved to a "safe" account
• Parking Lot scam - scammers approach an individual in a public space, such as a parking lot, and ask if they can borrow their phone; from here, the scammer signs into banking apps and applies for personal loans, ultimately transferring the funds over to their account

7. Know You Don't Have to Figure It Out Alone

One advantage of belonging to a credit union is having real people you can turn to when something doesn't seem right.

If you receive a suspicious phone call, email, or text message involving your finances, do not feel like you need to handle it on your own. Contact your financial institution before taking action. Asking a question today could prevent a much bigger problem tomorrow.

Whether you're concerned about a transaction, unsure if a message is legitimate, or simply want another opinion, it's always better to ask than guess.