Scammers and fraudulent activity has become ever-more prevalent, particularly with older
people who are often seen as easy to take advantage of. These scams are highly calculated and prey on human psychology. Falling victim to cyber fraud is damaging emotionally and financially.
To help protect aging parents from falling victim to Cyber Fraud, consider the following steps:
7 Ways to Protect Your Elderly Parents from Cyber Fraud
- Have a candid discussion with parents regarding adding you as a joint account owner on their primary checking account(s) to maintain oversight of any suspicious activity.
- There could be gift/estate planning considerations here so consult with an Estate Attorney prior to taking this step.
- Work with your parents to ensure they maintain proper checking/savings account balances consistent with their needs. The key here is to avoid surplus cash balances.
- Establish multi-factor authentication and password protection.
- Only send private information through secured links to trusted sources. Warn your parents about solicitors who may ask for private information via email, mail-in envelopes, or over the phone.
- Work with a reputable IT professional to secure their computers with antivirus, security, and malware software from creditable providers.
- Warn your parents about common mistakes scammers make, such as misspelling words or odd grammar in emails
- Encourage them to avoid accessing bank/financial information via public WiFi networks.
While not all fraudulent attempts can be prevented, with the right plan of action to protect your loved ones, the risk is greatly minimized. Consider regularly checking in with your parents to have candid conversations about how well-protected they are and what you can do to help them.
The information contained herein is intended to be used for educational purposes only and is not exhaustive. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but are intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax or financial advice. Please consult a legal, tax or financial professional for information specific to your individual situation.