How seniors can avoid online scams, bank fraud

I had been following articles written by Professor Randy David in the Philippine Daily Inquirer for more than two years now and I find his recent article on online scams and the elderly not only very practical but timely. It was also written in simple English that could be understood by his readers.

As written in the article, banks notify their clients about these scams but unless these happened to you or to a loved one, most of them are just ignored. This is not only true of online scams, there are also a lot of scams done through landlines and smartphones.

As seniors, we did not grow up with computers and try as we must to like it, it is harder for us to “know the ins and outs “ of the computer world and cyberspace.

I would suggest the following: 1) even if the amount of your savings is not so significant, know your bank and if possible, have a personal banker; 2) stick to the old-fashioned passbook; 3) if you receive notices about your account through the internet, call the bank or go there personally (with COVID precautions like masking and social distancing) and talk personally with a bank officer. Never give info through the phone or online. If you think that this is a scam, as per suggestion of Professor David, delete it right away; 4) deposits are insured only to a certain amount, try to find out the maximum and spread your funds among different banks; 5) I am sure that there are laws protecting the consumers on bank fraud, ask your legislators about them and most important, their implementation, where is the NBI and the local police; 6) practice due diligence … if you have to record transactions in the old-fashioned-way like having a spread sheet, do it personally or with the help of a trusted friend or relative; 7) good luck on your hard-earned savings.

I hope that this rejoinder may help, especially seniors, in avoiding bank and other frauds with the suggestions above.

Ida M. Tiongco, MD
New York,
idationgco@gmail.com

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