Nearly half of Americans (45%) expect to shell out for flights and hotels this summer. Taking financial precautions before and during your travels will provide peace of mind and security. Notifying your financial institutions, purchasing travel insurance, and safeguarding documents are a few ways to protect yourself.

Here’s a sobering statistic: Americans over the age of 60 lose an estimated $23.8 billion annually to elder financial exploitation (EFE) according to the American Association of Retired Persons (AARP.) And if that’s not bad enough, 87.5% of these cases are perpetrated by someone the victim knows.