Scams targeting older adults are unfortunately common, and protecting aging parents from these threats requires a multi-faceted approach. With ever evolving technology, scammers use various tools to customize their scam, making it relevant to the victim(s). Here’s a detailed guide to help you keep you and your parents safe from scams:
- Discuss common scams such as phishing, IRS impersonation, lottery or sweepstakes scams, tech support fraud, bank impersonation and fake charities.
- Use real-life examples like news articles or stories to illustrate how these scams work and why they’re effective.
- Set-up safeguards like screening phone calls from random numbers and advise them to let unknown numbers go to voicemail. You can even show them how to forward a voicemail. Remind them that scammers can spoof caller ID to make it appear as though they’re calling from a legitimate source.
- Email filters can help eliminate phishing attempts. If comfortable, have a joint account or use financial monitoring tools to keep track of transactions. For example, you can set spending limits to prevent large, unauthorized transactions. Use strong, unique passwords for all accounts and consider using a password manager.
- Protect personal information by ensuring important documents like Social Security cards, birth certificates and financial statements are kept in a safe place. Advise your loved one to double-check with a trusted family member or friend before providing personal information or making a financial commitment.
- Follow scam alerts by subscribing to “Watchdog Alerts” from the Federal Trade Commission (FTC) or other consumer protection agencies to stay updated on new scams. Also, if your parent falls victim to a scam, help them to report it to local authorities and the FTC.
By combining education, technology, financial safeguards and open communication, you can reduce the risk of your parent’s falling victim to scams. It’s important to maintain a supportive and non-judgmental approach as they navigate this complex and sometimes intimidating landscape.