Wealth management and financial planning; for individuals and businesses.
Protect Yourself and Loved Ones from Fraud

by Meritrust Wealth Advisors

Fraud is an ever-present threat, becoming more sophisticated with the advancement of technology. It's crucial to stay vigilant and proactive to protect your finances and those of your loved ones. At Meritrust Wealth Management, we prioritize your financial security. Here are some essential strategies to help safeguard against fraud.

The Increasing Sophistication of Fraudsters

Fraudsters are continually evolving their tactics, using technology to trick even the most cautious individuals. They exploit vulnerabilities through phishing emails, phone scams, and fraudulent websites. Staying informed and vigilant is your first line of defense.

Trusted Contacts: A Critical Safeguard

One of the most effective measures you can take is to designate a trusted contact. This person can monitor your accounts and alert you to any suspicious activities. Having this conversation with elderly parents or relatives is essential to ensure their assets are safeguarded.

Credit Card Safety Tips

Credit cards are a common target for fraud. Implementing these strategies can help reduce your risk:

Use Different Cards for Autopay and Everyday Spending
Keep a separate credit card solely for autopay subscriptions, such as utility bills or streaming services. This way, your primary spending card is less exposed to potential fraud at restaurants, retail stores, or fuel stations. While this doesn't prevent fraud entirely, it can prevent late payment charges if your primary card is compromised.

Pay with Mobile Wallets
Mobile wallets offer a secure way to make payments. They use tokenization technology, which means your actual credit card details are never shared with the merchant. Payments require fingerprint, swipe, or password authentication, adding an extra layer of security.

Set Payment Limits
Most credit card providers allow you to set daily limits for various transactions, such as ATM withdrawals and online purchases. Adjust these limits to the minimum amount necessary for your day-to-day needs. This can help prevent large unauthorized transactions and can be easily managed through your card provider’s mobile app.

Practical Steps for Fraud Prevention

Review Accounts Regularly
Make it a habit to check your financial accounts frequently. If you spot any discrepancies or unauthorized charges, report them immediately to your financial institution. If you’re assisting an elderly loved one, familiarize yourself with their typical transactions and flag any irregularities.

Block Unsolicited Calls and Mail
Registering with the National Do Not Call Registry can help reduce unwanted sales calls. Visit donotcall.gov or call 1-888-382-1222 to register. Additionally, you can remove yourself from direct mail lists through the Direct Marketing Association’s website.

Be Observant
Scrutinize any communication that appears suspicious. Check the sender's email address for spelling errors and avoid clicking on unfamiliar links or attachments. Educate your loved ones on these warning signs and encourage them to verify suspicious messages with you.

Utilize Banking Safeguards
Many banks offer additional fraud protection measures, such as setting up fraud alerts and opening separate accounts for online purchases. Contact your bank’s customer service team to explore the available options and choose the best protections for your needs.

Talk to Your Meritrust Advisor

For personalized advice and additional strategies to protect your assets from fraud, contact your Meritrust Wealth Management advisor. We're here to help you navigate these challenges and ensure your financial security.

By staying informed and implementing these strategies, you can significantly reduce the risk of falling victim to fraud. Take action today to protect yourself and your loved ones.
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