Common Sense Protections for Your Financial Information

To some scammers, older Americans are an attractive target — over a lifetime of saving, they may have built up a nest egg for retirement or equity in their home. Like Willie Sutton, scammers go where the money is. So banks and other financial institutions play a key role in protecting their customers from abuse and exploitation. Financial institutions are often in the best position to recognize suspicious activity relating to an account. 

The Gramm-Leach-Bliley Act, a federal law, provides important protections for consumers’ financial information. It requires financial institutions to secure people’s data and protect their privacy. Today, federal regulators that oversee financial institutions reminded these businesses that the law also includes common-sense exceptions to allow reporting of possible fraud or unauthorized transactions involving their customers’ accounts. In fact, in some cases, financial institutions are required to report questionable transactions. 

Regardless of your age, it’s wise to pay attention to your own financial accounts. Some quick tips:

Check out our 1-minute audio tips to learn more about protecting your personal and financial information. And be sure to let us know about any suspicious behavior at 1-877-FTC-HELP or at ftc.gov/complaint.

Comments

thanks for your services this really helps

I would like to know more about what help is available especially for seniors , Thanks

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