
How to Protect Your Elderly Parents from Financial Scams
Millions of seniors are scammed out of their money every year in the United States. Elderly individuals tend to be more susceptible to financial scams. They also tend to have more assets, including owning a home, financial savings and good credit after a lifetime of work. Older Americans suffering from medical conditions such as Alzheimer’s or dementia may also get confused when managing their money. Others may have trouble using the latest technology, including mobile banking apps, email or the internet. Use this guide to protect your aging relatives from scams targeting seniors.
- Elderly Americans are often targets of different kinds of money scams, including lottery, romance, medical and social security scams.
- If you suspect that your elderly parent is the victim of a scam or identity theft, take action immediately with the steps outlined below.
LESSON CONTENTS
What to Do After a Potential Scam
If you believe your family member or friend has been scammed, help them take these steps immediately:
- Save a copy of the interaction or message that led to the scam. It may have been an email, letter or envelope, text message or phone call.
- Contact your local FBI office or visit their website to file a complaint. They’ll need to include the names of the scammer or company, dates of contact, methods of communication, any personal information the hacker may have used to commit fraud, as well as how and where the funds were sent.
- Help them contact their financial institution to secure your parent’s account. Be sure to include the same information you shared with the authorities. The member service representative will freeze their account or cancel their debit or credit card to stop the hacker from making additional purchases.
- Help them check their credit score to see if these purchases affected their score. It may take several weeks for the agency to update your parent’s credit score, so be sure to check back at a later date. Consider freezing their credit to prevent new accounts from being opened in their name.
- Update any information that may have been exposed to hackers, including your parent’s username and password on affected websites or accounts. Use multi-factor authentication where possible to make their accounts more secure.
- Adjust the privacy settings on their computer or phone to block spam messages and junk mail.
- Put your parent’s name and phone number on the “Do Not Call” list.
How to Protect Elderly Parents from Scams
Use these tips to protect your parents from financial scams targeting the elderly:
Keep in Touch
The best thing you can do to protect your elderly parents is to keep in touch regularly. Talk to them about the risks of sharing their personal information online, over the phone or in the mail. They should contact you right away if they suspect they have been involved in a scam.
Set Up Alerts
Your parent’s bank account should come with built-in security. They should receive an alert if their account has been hacked or the bank detects suspicious activity. If needed, have them forward you the alerts or notifications so you can help them take control of the situation as quickly as possible.
Save Copies
Encourage your parents to save copies of their correspondence with people asking for their personal information, including letters, mail, emails, texts and phone numbers.
Encourage an Open Dialogue
Unfortunately, some elderly victims may also be too ashamed or embarrassed to tell their family members that they’ve given away their personal information to a digital hacker or scammer leading to under-reporting of elder fraud. If you suspect that your parent may be too embarrassed to admit they have been the victim of a scam, remind them that you’re there to help and they shouldn’t feel ashamed for making a mistake. Show compassion for your loved ones during this stressful time.
Teach Digital Hygiene
If your parents are using the internet, teach them how to spot suspicious messages and websites. They should look over the message or website to make sure it’s legitimate. Your parents should never send or share their personal information online, over the phone or in the mail unless they recognize the sender. Remember, Ent will never contact a member-owner to ask for a PIN, online banking username/password, full Social Security number, CVV2 code or verification code.
Watch Out for Warning Signs
As you maintain your relationship with your parents, be on the lookout for signs that something is wrong. Talk to them if they seem depressed, anxious or disaffected from what’s going on around them, which are common among victims of scams.
Reach Out to a Professional
Digital hygiene can be confusing, regardless of your age. If you don’t feel qualified in these matters, reach out to a cybersecurity expert for advice and additional information. They may be able to call your parent, so they can learn from someone that knows what they’re talking about.
You may be your parent’s first line of defense when it comes to financial scams. Make yourself available to your parents, so you can help them manage their money in the digital world. Contact Ent’s Information Security Team to learn more about how we are protecting your parents’ financial information.
Helpful Resources
If you suspect an elderly loved one is the victim of fraud, check out these resources:
- AARP ElderWatch (for Colorado residents)
- AARP Fraud Watch Network Helpline
Related Resources
View AllHow to Spot Financial Grooming Scams
Scammers no longer rely on quick-hit phishing scams; instead, they patiently cultivate online relationships — a tactic investigators call financial grooming. This article unpacks how grooming scams unfold and the red flags to watch for. We also detail the practical actions you and your loved ones can take to shut fraudsters out.
How to Protect Yourself from Spear Phishing Attacks
Cyber threats have become increasingly sophisticated, targeting not just large corporations but individuals as well. Among these threats, the spear phishing attack is one of the most deceptive and damaging. So, what is a spear phishing attack, and how do you protect yourself?
Stay Safe in the End Zone: Avoiding Financial Scams During Football Season
Football season is a time for excitement, cheering on your favorite team, and creating lasting memories with friends and family. However, it's also a time when scammers are on the lookout to take advantage of distracted fans. From fake tickets to fraudulent online offers, football season provides scammers with numerous opportunities to trick unsuspecting victims. By staying alert and knowing how to spot common scams, you can protect your finances while enjoying the game.
Protecting Your Finances: Cybersecurity Best Practices
In today's digital world, protecting your finances has become more challenging than ever. With cybercriminals constantly devising new ways to access personal information and compromise accounts, it’s crucial to stay informed and practice good cybersecurity habits. Whether you're managing your finances online or simply browsing the web, knowing how to safeguard your data can prevent financial loss and protect your personal information from falling into the wrong hands.
Chip Card: What is an EMV Card?
Today, most debit and credit cards have multiple ways to transmit data and authenticate a payment. One such way is the small, square computer chips you see on the card. This is called an EMV chip and is used to help protect the user from fraud. Read this article to learn more about how EMV chips work and how they help keep your information safe.
EMV cards, often referred to as chip cards, represent a significant advancement in credit card security technology. The term “EMV” stands for Europay, MasterCard, and Visa, the three organizations that created the standard. These cards are equipped with a small, metallic square chip on the front, which is easily recognizable and distinct from the traditional magnetic stripe on the back of older cards. This chip is a critical component of EMV technology, designed to enhance transaction security and reduce fraud.
Bank Scams: What it is, how to prevent it & the different types
According to the Federal Trade Commission, there were 2.6 million fraud reports in 2023, with $10 billion lost to fraud. It can happen to anyone and is never something to be embarrassed about. It is important to recognize though that the first line of defense is you, so being prepared to safeguard your financial safety is crucial. If something happens, the sooner you reach out for help, the better position you’ll put yourself in.
How Can I Protect My Elderly Parent’s Money?
In today’s digital world, protecting your elderly parents’ assets is essential, as the consequences of financial vulnerability can be devastating. According to the FBI Elderly Fraud Report 2022, total losses reported by elderly victims increased 84% from the previous year to $3.1 billion.
Given the high stakes, you might wonder, “How can I protect my elderly parents’ money?” Navigating the complexities of financial security for elderly parents requires a blend of empathy, strategic planning and legal action. This guide equips you with the knowledge and steps necessary to secure your elderly parents’ financial well-being.
Avoiding Holiday Scams: From Phishing to Travel Frauds
The festive season is a time of joy, giving and celebration. But as you prepare to dive into the celebrations, you must be on guard against scams that could ruin your festivities. From convincing phishing emails decorated with jingle bells to too-good-to-be-true travel deals promising a winter wonderland, the tactics are endless and, sadly, effective.
Generally, financial institutions follow information security guidelines and never request personal or sensitive information. Therefore, any call or information request for your banking information, such as banking username and password, account number, routing number or social security number, should be treated with the utmost suspicion.
As technology evolves, scammers are getting more sophisticated. Some of their rackets appear genuine. Thus, you must be extra vigilant, especially during this holiday season. Here's a detailed overview to equip you against potential pitfalls.
Ensuring Member Data Security: How Credit Unions Safeguard Your Information
In an era marked by rapid technological advancements and the growing significance of data in various sectors, the safety and security of personal information have become paramount. Credit unions, financial institutions that serve their members' financial needs while operating as non-profit organizations, are no exception to this rule.
With the increasing reliance on digital platforms for banking and transactions, credit unions have taken robust measures to keep member data safe and secure. In this article, we explore the strategies employed by credit unions to protect their members' sensitive information.
What is Two-Factor Authentication (2FA)?
Two-factor authentication is a security process that requires two different authentication methods before granting access to an online account or system. Discover the benefits of two-factor-authentication and how to enable it to protect your information.
Navigating the New Normal: Software Updates and Working from Home
In our ever-evolving digital landscape, staying informed about software updates, and remote work safety is essential. As our lives continue to be shaped by technology, members must take proactive steps to ensure their financial well-being and data security. In this article, we'll explore the importance of software updates and discuss the challenges and benefits of working from home.
Guarding Your Finances: A Guide to Shielding Against Social Engineering and Phishing Attacks
In today's interconnected world, safeguarding your financial well-being requires more than just responsible money management; it involves protecting yourself from evolving online threats like social engineering and phishing attacks. This article aims to empower you with knowledge and practical tips to keep your accounts and personal information secure.