As the old saying goes, as one door closes, then another door opens. Unless of course you’re talking about the doors of high street banks! The continuous march towards digital banking throws up all sorts of issues and debate, and here at Regenerated Me, we realise that this is particularly relevant to older people who simply haven’t grown up in a digital era.
Easy when you know how
On the one hand, there are some who have fully embraced the concept of digital banking, loving the convenience of being able to check their account balances, transfer money and pay bills all from the comfort of their own homes – without having to join the back of what always seems to be a very long queue in a physical branch!
Deep concerns
On the other hand, there are those who are far more circumspect – worrying about security and privacy, and whether their personal information is really safe when they’re online carrying out banking activities. Some may also find it challenging – overwhelming even – to have to learn how to use the new technology to navigate this brave new world.
And for those who are simply not comfortable with digital banking, or who have only limited access to technology, the continuous closure of local high street branches can be a real problem.
Wider implications
Plus of course there are wider implications of these branch closures; banks often act as a hub for social interaction, and a source of employment, particularly in smaller towns and villages. So losing them can have a real negative impact on the local economy and social fabric of the area.
As technology continues to evolve, it’s essential that banks don’t leave anyone behind, and that they provide support and resources to those among us who are perhaps struggling to adapt to the digital banking era. So here in the UK, what help are the banks actually providing to help us seniors?
Banking on support
Many of the banks in the UK are well aware of the challenges that many seniors face, and have implemented various measures to support their customers. These include user-friendly, step-by-step digital banking guides, online tutorials, dedicated support teams, accessibility features (for those with disabilities or physical limitations, offering such things as larger font sizes and screen readers), and training and education programmes. To find out what your bank is doing to help, simply Google something on the lines of “What is (insert name of bank) doing to help older people use digital banking?”
Scams
Banking scams are currently costing us some 1 billion pounds a year. So it’s incumbent on us to keep as up to date as we can on the most commonly used ones. These include phishing scams, where fraudsters pose as a legitimate bank or financial institution in order to trick you into giving up your personal information. Also, where fraudsters impersonate a family member, friend, or acquaintance to ask for financial help.
In short, be wary of all unsolicited messages, whether they come via email, text, or ‘phone. Fraudsters will often use these channels to try and trick you into giving up personal information or downloading malware onto your device. To keep abreast of current scams, it’s worth Googling “Current digital banking scams” on a regular basis. Pre-warned is pre-armed!
Passwords & security
Use strong and unique passwords – using a combination of letters, numbers and symbols – and make sure you don’t reuse the same password across multiple accounts. Also, enable what they call “two-factor authentication”: Many banks offer two-factor authentication as an additional layer of security. This means that you will have to enter a second form of verification, such as a code sent to your mobile, in order to access the account.
Trust your device and network
Always use a trusted device and network. So avoid using public wi-fi networks – which can easily compromised – and make sure your device has up-to-date anti-virus and security software installed.
Check and monitor
Check and monitor all of your digital banking accounts on a regular basis, looking out for any suspicious activity or unauthorised transactions. And if you do spot anything that doesn’t look right, report it to your bank immediately.
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