Caring for a loved one means watching out for more than just their health—it also means protecting them from those who would take advantage of their trust. Scammers are getting smarter, and older adults are often in their sights, targeted with convincing schemes that can drain savings and create lasting stress. Financial fraud is a real threat, whether it’s a fake call from the “IRS” or a “too-good-to-be-true offer” in an email. But with a few simple steps, you can help your loved ones stay safe, secure, and in control of their finances.
Here’s a quick guide to help:
Step #1: Educate Your Loved Ones on Common Scams.
The first step in protecting your loved ones is educating them about common scams targeting older adults. Some of the most prevalent include:
- Phishing: Fraudsters impersonate trusted entities like the IRS, banks, or healthcare providers to steal personal information.
- Prize Scams: Scammers claim your loved one has won a prize and ask for personal information or payment to claim it.
- Fake Charities: Scammers may solicit donations for fake or non-existent charities, often exploiting your loved one’s goodwill.
- Unsolicited Calls: Fraudsters may contact your loved ones, claiming they owe money or need to provide sensitive information over the phone.
Talk to your loved ones about these scams and remind them that legitimate organizations never ask for sensitive information via phone or email.
Step #2: Regularly Review Financial Statements
Staying on top of your loved ones’ financial accounts is crucial. Regularly review bank and credit card statements with them to ensure there are no unauthorized transactions. Set up account alerts for large withdrawals, unusual purchases, or login attempts. These alerts can help you catch suspicious activity early and take action before significant damage is done.
Step #3: Secure Personal Information
Scammers often target older adults through public or unsecured sources. Here are a few ways to make this happen:
- Ensure your personal information (e.g., Social Security numbers, account numbers, and passwords) are kept secure.
- Encourage them to shred old paperwork and opt for paperless billing to reduce the risk of exposing their information.
- Make sure online accounts are secured with strong, unique passwords. If possible, set up two-factor authentication for an added layer of protection.
Step #4: Set Up Fraud Alerts and Identity Protection
Fraud alerts and credit monitoring services are excellent tools for preventing identity theft. These services notify you or your loved ones about unusual activity or a new credit report inquiry. You can also consider identity theft protection plans that monitor and report any suspicious activity on a person’s behalf.
Step #5: Be Proactive and Stay Informed
Stay informed by regularly checking scam alerts from trusted sources like the Federal Trade Commission (FTC) and AARP (they provide updated information on the latest fraud tactics and how to avoid them). If you think your loved one may have been targeted or fallen victim to a scam, don’t wait—acting quickly can make a big difference. Report the incident to the FTC, your financial institution, and local law enforcement to help minimize damage and prevent further fraud.
Protecting Your Loved Ones Starts With You
As a caregiver, you have the power to be your loved one’s first line of defense against financial scams. By staying alert, having open conversations, and keeping a close eye on their finances, you’re not just preventing fraud—you’re empowering them to feel secure and supported. Your proactive efforts can bring lasting peace of mind for both you and your loved ones, knowing their hard-earned money and personal information are safe.
