Planters First Bank joins ‘Safe Banking for Seniors’ campaign

Planters First Bank is joining the national effort to protect seniors from becoming victims of fraud and financial abuse by offering Safe Banking for Seniors workshops within the communities we serve and by providing free online resources.

Each year older customers lose approximately $2.9 billion to fraud, but it is suspected that number is drastically underestimated because only 1 in 44 seniors report financial abuse. Safe Banking for Seniors is a new financial education program established by American Bankers Association Foundation to help combat this growing problem.

“Scammers are always developing new ways to scam people, and sadly, they often target our seniors for numerous reasons,” said Kerry Everidge, CISM, VP Administrative Services Officer / ISO at Planters First Bank. “These Safe Banking for Seniors resources will provide older customers and their financial caregivers with the knowledge they need to proactively protect themselves and their loved ones from these crimes.”

Planters First Bank also offers the following tips for seniors and their financial caregivers:

Know the warning signs of scams. Scammers are always thinking of new ways to steal from seniors, but knowing the warning signs of scams will help stop fraud in its tracks. Paying fees or taxes for sweepstakes or lottery “winnings”, acting immediately on an offer, or insisting on secrecy are characteristics of some types of fraud. When in doubt, talk to a trusted advisor, family member, or friend.

Planters First Bank will never call, email, or otherwise contact you to request your access ID, password, or other login credentials.
If you receive such a request, do not provide any information.

Protect your financial identity. Some scammers are more interested in stealing financial identities to open new credit cards or loans in seniors’ names. Shred receipts, bank statements, and unused credit card offers before throwing them away. Never give personal information, including Social Security Number, account number, or other financial information to anyone over the phone unless you initiated the call and the other party is trusted.

Choose a responsible financial caregiver. Sadly, family members and friends can also take advantage of seniors and leave them in financial ruin. Plan ahead for the day that you may not be able to manage finances on your own.

Talk to your banker about options to ease financial caregiving responsibilities. Planters First Bank offers a wide range of services to help seniors and financial caregivers manage finances in accordance with seniors’ needs and desires. For more consumer tips, visit our Online Security Center.