Online banking has become an increasingly common tool for managing personal finances. For many older adults, the ability to review account balances, pay bills, and transfer funds without traveling to a branch can be particularly beneficial.

As digital banking has expanded, however, so too have attempts by cybercriminals to obtain sensitive financial information.

"Scammers sometimes target older individuals with the assumption that they'll be less familiar with online security practices," said Betsy Connolly, MS, gerontology, executive director at New Horizons at Marlborough retirement community.

Connolly, who has an extensive background in business and financial services, noted that small preventive steps can make a significant difference.

"Taking simple precautions -- such as using strong passwords, enabling security alerts, and avoiding suspicious links -- can greatly reduce the likelihood of financial fraud," she said.



Choose strong passwords

A secure password is one of the most effective safeguards against unauthorized access.

Financial security experts recommend avoiding passwords based on easily identifiable information, such as birthdays, addresses, or the names of family members. Instead, a password should combine letters, numbers, and symbols in a sequence that is difficult for others to guess.

It is also advisable to use different passwords for separate accounts, particularly for banking and email services. Using the same password for multiple accounts increases your security risk because if one account is compromised, attackers can often use that same password to gain access to your other accounts, as well.



Enable two-factor authentication

Many financial institutions now offer two-factor authentication, an additional security measure that requires a second step beyond entering a username and password. After logging in, the customer receives a temporary verification code by phone or email.

Although this extra step may appear inconvenient, entering the code confirms the identity of the account holder and helps prevent unauthorized access even if a password has been compromised.



Remain alert to suspicious messages

One of the most common forms of online fraud is known as phishing, wherein criminals send emails or text messages that appear to be from a bank, credit card company, government agency, or even a family member. The messages often warn of an urgent problem and encourage recipients to click a link or provide personal information.

Consumers should remember that legitimate financial institutions do not request passwords, Social Security numbers, or complete account details through regular email or text messages.

Cybersecurity professionals also caution against opening unexpected email attachments and clicking suspicious links. Instead, customers should contact the sender directly using the phone number listed on official bank materials or the institution's verified website.



Avoid public internet connections for financial transactions

Whenever possible, financial accounts should be accessed through a secure home internet connection. Public Wi-Fi networks in locations such as cafes, airports, libraries, or hotels may be less secure and could allow cybercriminals to intercept information.

If banking must be conducted while away from home, using a cellular data connection on a mobile device is generally considered more secure than relying on public wireless networks.



Monitor accounts regularly

Regularly monitoring financial accounts provides another important safeguard. Many banks allow customers to establish automatic alerts that send a text or email message when withdrawals, transfers, or other significant transactions occur.

"Cybersecurity is ultimately about awareness," said Connolly. "No matter how comfortable you are with online banking, it's still essential to review accounts regularly and address anything you don't recognize. A quick call to the bank can often resolve a concern before it becomes a serious problem."

At New Horizons, residents have the option to manage their finances either online or in person without leaving campus. Twice each month, personal bankers from two local banks visit the community to assist residents who wish to open new accounts, cash checks, and make transfers and withdrawals.



Maintain updated devices and software

Computers, tablets, and smartphones periodically receive software updates that address newly discovered security vulnerabilities. Installing these updates promptly helps ensure that devices remain protected against emerging threats.



Seek assistance when needed

Although digital tools can simplify many aspects of financial management, they may also present challenges for newer users.

"Modern technology isn't always intuitive," said Connolly. "Most of us require some level of training and support."

According to Connolly, residents at New Horizons bring their phones, tablets, and questions to twice-weekly "tech help" sessions, an open activity facilitated by the community's tech-savvy staff members. New Horizons will also host Middlesex District Attorney Marian Ryan this spring for a seminar on elder financial fraud and related scams.

Bank representatives and trusted family members can also often provide guidance regarding account settings and security features. Individuals should take care, however, not to share sensitive passwords or account information when seeking assistance.



A matter of prudence

Prudence -- the careful and responsible management of resources -- has long been recognized as a cardinal virtue. Protecting financial accounts from fraud helps preserve the resources that individuals rely upon to support themselves, their families, and the philanthropic causes that matter most to them.

With a few thoughtful precautions, online banking can remain a secure and effective tool for managing personal finances with peace of mind.



About New Horizons

Located at 400 Hemenway Street, about 13 miles west of Route 128, New Horizons at Marlborough offers a continuum of care, including independent living, assisted living, memory care, respite stays, and a geri-psychiatric program.

Although the community is nondenominational, much of New Horizons' large Catholic population participates in daily Mass and communion at the spacious on-site chapel. In addition, weekly prayer services and bible study classes provide residents with frequent opportunities to practice their faith as part of a community, without leaving home. (Protestant and Jewish religious services are also offered regularly.)

Group activities at New Horizons include regular exercise classes, art programs, educational presentations, movies, book and bocce clubs, Jeopardy and a wide variety of card games and tournaments, chorus, musical entertainment, and off-site excursions to museums, restaurants, shows, and sporting events.

Residences for a single person, including three gourmet meals daily, are available from $3,400 per month. More information about New Horizons is available at CountryCommunities.com.

Prospective residents and their families are encouraged to contact New Horizons at Marlborough at 508-460-5200 to arrange a time to tour the campus, meet current residents and staff, sample a home-cooked meal, and attend Mass.