You do not need to take over Mom’s or Dad’s finances to protect them. A few quiet safeguards can catch a scam before the damage grows.

Published October 2026 · Last reviewed: October 18, 2026

Adults 60 and older reported about $2.4 billion in fraud losses to the FTC in 2024, up from about $600 million in 2020. Much of that growth came from single losses over $100,000 tied to investment, romance, and impersonation scams. The steps below are built for early warning. They help a parent stay in charge while a trusted family member has a way to notice when something looks wrong.

What to know

Scammers target older adults because they often have savings, home equity, and good credit, and because a convincing caller can create urgency and secrecy. The three warning signs still apply: a rush, a secret, and an unusual way to pay, such as gift cards, wire transfers, cryptocurrency, or cash handed to a courier.

Not every protection gives you the same power. The Consumer Financial Protection Bureau describes several options, and they are easy to confuse:

• Trusted contact person: someone the bank or brokerage may call if they suspect exploitation or cannot reach your parent. This person cannot move money.
• Convenience (agency) signer: can pay bills and write checks from the account but does not own the money.
• Power of attorney: legal authority to act for your parent. A durable POA works as soon as it is signed; a springing POA only takes effect if they can no longer decide for themselves. An elder law attorney should draft it.
• Joint account: makes you a co-owner. The money may pass to you automatically at death, which can conflict with their will and with siblings’ expectations. Use caution.

What families can do

1. Ask permission first. Frame it as teamwork: “Scams have gotten very convincing. Can we set up a few alerts together so we catch anything odd early?”
2. Turn on alerts. In the bank’s app or website, set alerts for withdrawals, transfers, new payees, card purchases over a set amount, and changes to contact information. Many banks let alerts go to more than one phone or email.
3. Add a trusted contact. Brokerage firms are required to make a reasonable effort to collect one; many banks and credit unions also offer it. Ask at the branch or by phone.
4. Freeze their credit. A free freeze at Equifax, Experian, and TransUnion stops new accounts from being opened in their name. They can lift it any time they apply for credit.
5. Simplify. Fewer accounts and cards are easier to watch. Set up automatic payment for regular bills so a fake “your bill is overdue” call has less to work with.
6. Agree on a pause rule. Any request for money that arrives by phone, text, email, or social media waits until your parent has called you or another family member first.
7. Schedule a monthly check-in. Ten minutes together looking at statements is enough to spot unfamiliar charges.

Talk about it

• “If anyone ever asks you to keep a payment secret from the family, that is the scam. Call me.”
• “Real banks and government agencies will not ask you to buy gift cards or move money to keep it safe.”
• “I am not checking up on you. I want a second set of eyes, the same way I would want one.”

Respect matters here. A parent who feels watched may hide a problem out of embarrassment, which is exactly what scammers count on.

When to get more help

If money has already left the account, call the bank’s fraud line right away and ask them to stop or recall the payment. Report the scam at ReportFraud.ftc.gov and, for internet-based fraud, at ic3.gov. The Department of Justice’s National Elder Fraud Hotline, 833-FRAUD-11 (833-372-8311), connects older adults and their families with a case manager who can help with reporting and next steps (Monday to Friday, 10 a.m. to 6 p.m. Eastern). If you suspect a family member, caregiver, or friend is taking advantage of your parent, contact your local Adult Protective Services office.

Sources and further reading

• FTC: Annual Report to Congress on Protecting Older Adults (December 2025)
• CFPB: Considering a Financial Caregiver? Know Your Options (PDF)
• FINRA: Trusted Contact Persons
• Office for Victims of Crime: National Elder Fraud Hotline