“Financial losses from elder fraud schemes skyrocketed by 43% in 2024, with Americans over 60 losing nearly $5 billion to scammers, according to the Federal Bureau of Investigation.”
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That’s a staggering number—and a reminder of just how important it is to stay a step ahead.
The truth is, scams are becoming more sophisticated. Even the most careful, tech-savvy individuals can be caught off guard. It might be a convincing email, a friendly voice on the phone, or a message that seems helpful but isn’t.
But here’s the good news: there are real, practical steps you can take now to help protect the people you care about. And the best time to do it is before anything happens—when your parent is still independent and you can work together as a team.
This guide is here to help. We’ll walk through straightforward, respectful ways to create financial safeguards that give your aging parent confidence—not fear. Think of it as building a safety net—one that keeps them empowered, but better protected.
If your parents are still sharp and independent, that’s the perfect time to talk.
But let’s be real—it’s awkward. You’re talking about money, power of attorney, scams, and mortality. Not exactly Sunday brunch conversation.
Here’s how to make it easier:
Say something like, “Scams are getting so advanced these days—even I’ve almost fallen for one. I want to make sure you’re protected, just in case something ever happens.”
Referencing the FBI stat above can be powerful. “I just read this article about elder scams—$5 billion in losses. It made me think we should have some safeguards in place, just in case.”
Offer to set up safeguards on your own accounts too. This makes it less about “you’re getting old” and more about shared protection.
Before you can protect anything, you need to know what’s there. It’s time to map out the financial landscape.
Use a simple spreadsheet or secure password manager to document everything. If your parent is willing, you can even use tools like Everplans or Trustworthy to organize and share securely.
Scammers are smart. You need to be smarter.
Modern banks—including many community banks—offer tools to flag suspicious activity. Use them.
For instance, Liberty Savings Bank customers can enroll in mobile banking alerts, get real-time debit card notifications, and set up secure access for trusted family members.
If your parent is tech-savvy, walk through the setup together. If not, do it with them in-person.
No, it’s not just for when someone is on their deathbed. A durable POA is one of the most powerful and essential tools for financial protection.
It allows someone (you, a sibling, a trusted third party) to legally manage your parent’s finances if they become incapacitated.
You don’t have to use it immediately. But if a medical emergency hits or cognitive decline begins, you won’t be scrambling.
A credit freeze is one of the most effective (and free!) ways to prevent someone from opening fraudulent accounts.
It doesn’t affect existing accounts or credit scores—and it can be temporarily lifted if needed.
If you’re managing this for them, a signed POA or legal documentation may be required.
The more accounts, the more complexity. The more complexity, the more vulnerability.
If your parent has multiple bank accounts or credit cards they don’t use regularly, it may be time to simplify.
Be cautious not to trigger penalties for early withdrawals, especially with CDs or investment accounts.
Many banks and brokerage firms now allow you to add a “trusted contact” to accounts.
This person doesn’t have access to the funds. But if suspicious activity is detected or the institution can’t reach the account holder, they can contact you.
It’s a simple, low-risk way to add a layer of oversight.
If your parent is already struggling with bills, math, or remembering due dates, don’t wait.
You can bring in professional help—or go digital.
Some of these tools also help track cognitive changes over time—subtle warning signs that your parent may need more support.
You’ve probably heard of adding your name to a parent’s bank account. But that comes with risk.
Always consult a financial advisor or elder law attorney before making ownership changes. You could accidentally create tax problems, lose asset protection, or disrupt Medicaid planning.
Education is a key form of protection—but delivery matters.
Don’t lecture. Don’t condescend. Share stories, news articles, even videos. Role-play what to say if someone calls asking for money.
Let them know they can come to you if something seems off—no judgment. Scammers thrive on secrecy.
No one wants to believe their parent could fall for a scam—or lose control of their finances. But it happens. Every single day.
By stepping in early, with respect and a clear plan, you protect more than just money. You protect their independence. Their dignity. Their peace of mind.
The tools are available. The conversations can happen. The safeguards can be set up today—before it’s too late.
And if you're a customer of Liberty Savings Bank, reach out. We’re here to help walk you through account protections, alerts, and fraud prevention tailored to your family's needs. Because when it comes to protecting those we love, every step counts.