Are you worried your parents may be vulnerable to scams and fraud? Or maybe your parents have already fallen victim, and you want to make sure this doesn’t happen again? Unfortunately, malicious people take advantage of vulnerable seniors every day. And you might be asking, How can I protect my elderly parents from scams? The truth is that constant communication and vigilance are the only solution.
Fortunately, at Marcia L. Campbell, we have provided private fiduciary services to seniors for years to help manage their finances and protect them from these insidious individuals. Learn how to protect your parents from scams in our blog.
How Can I Protect My Elderly Parents from Scams and Fraud?
You can take two steps to protect your parents, but it is not so simple. Let’s dive into how to start the conversation and enlist the help your parents need.
Related Article: How Do You Talk to an Aging Parent About Finances? Pt. I
Have an Honest Conversation with Them
Starting a conversation is the first step to answering, How can I protect my elderly parents from scams and fraud? When you raise this topic, it is crucial to avoid shaming. If your parents feel embarrassed, that will make it harder to get through to them.
During these conversations, ensure they have strong passwords to their accounts, help them set up alerts for suspicious activity, and explain specific scams and scenarios. Use your experiences and trending news. And put all red flags on your parents’ radar, such as:
- New friends (especially over social media) who ask for money
- Unsolicited calls from groups they’ve never had contact with and requests to wire money to claim a prize, make a purchase, or pay for a work opportunity
- Calls from government agencies, like the IRS, Medicare, or Social Security Administration (these agencies will not call you; they communicate by mail)
- Emergency calls from grandchildren for money (these are usually people pretending to be their grandchild)
- Opportunities for high-return investments with no risks
- Text messages and emails asking for money or asking them to follow a suspicious-looking link
- Offers for free prizes in exchange for personal information, such as credit card or social security numbers
Tell them if something seems too good to be true, it probably is. Just as importantly, warn them that family members, friends, caregivers, and other people who are close to them could also try to take advantage of their generosity.
Remind them to never give personal information to anyone they don’t know. Make a list of people they can trust with this information. And tell them to always reach out to you for help to determine if an offer is suspicious.
“The most effective approach is to constantly communicate with them. Get to know what’s happening in their lives. Weekly check-ins will go a long way because, during chats, they may reveal something that is concerning. Maybe they’ll keep mentioning a new, mysterious friend who has entered their life, or an opportunity they are excited about that doesn’t add up. These are warning signs you should intervene.” – Marcia L. Campbell, CPA for Seniors
Related Article: How Do You Talk to an Aging Parent About Finances? Pt. II
Get Professional Help
Still, helping your parents monitor their finances is the best answer for those asking, How can I protect my elderly parents from scams? There is no quick fix. Malicious actors will be persistent and constantly reinvent their approach, so you must remain vigilant.
You will have to oversee their spending, review bank statements to identify the fraudulent use of their credit or debit cards and suspicious transactions immediately, monitor their income, and much more. This responsibility is a full-time job, but you cannot afford to neglect it.
You already have a full-time job and other responsibilities, so elder care financial services, such as elder care accountants, are an excellent solution. Enlisting the help of a professional fiduciary is an excellent solution.
Related Article: How Trusts for Elderly Parents Help Manage Their Finances
Are You Worried Your Parents Will Fall Victim to Scams and Fraud? Hire Professional Fiduciary Services to Protect Them!
Are you worried your parents may fall victim to scammers or fraudsters? Let us help. Visit our Contact Us page to schedule a consultation, shore up your parents’ defenses, and catch these ill-intentioned individuals before they do harm to your parents.
