close
Magazine
Advertisement
 

Keeping Elderly Relatives Safe from Scammers

A few simple precautions can help keep the money of our elderly friends or relatives safe.

Eldery scam protection
iStock
Advertisement

Online banking, email and credit cards can be confusing, and financial scammers know this. But a few simple precautions can help keep the money of our elderly friends or relatives safe.

1. Unsolicited email
Older people are at risk of falling for ‘phishing’ emails, in which false identities are used to seek bank account details and other information. In one example, a fraudster offers to ‘pay handsomely’ to transfer a large sum (for ‘tax reasons’) via the victim’s account. Older, less experienced internet users are less likely to recognise such fraudulent emails and are well-advised not to reply to or open any unsolicited emails at all.

2. PIN and cards
Never give your card or PIN details to anyone, no matter who they claim to be. In a typical scam, a fraudster posing as a police or bank official phones an elderly person to say their card has been used fraudulently, then asks for PIN/bank details, thus gaining access to the funds. Remind elderly relatives that the police or their bank never want their card or PIN details.

3. Unlicensed financial advisors
Regulations regarding commission from sales have stopped many financial advisors scamming money from the elderly, but there are still rogues out there. Whether it’s a saving, investment, or tax-efficient savings advice, always be wary of unsolicited financial advisors. Contact a consumer watch organisation or check with the government body regulating financial institutions and advisors.

4. Signs an elderly relative is being scammed
These include: changed spending habits; they’re withdrawn when discussing money; start receiving extra junk mail after being added to a ‘sucker list’ by fraudsters; their behaviour around money shifts.



Advertisement

More in Money

5 Tips On How To Cut Down On Food Waste

5 Tips On How To Cut Down On Food Waste

We waste 1.3 billion tonnes of food each year. Here's how to do your part to slash those numbers.
Investment Scam Alert

Investment Scam Alert

Don't be fooled. If someone offers you a ‘foolproof’ financial scheme that ‘guarantees’ profits, here’s why you should be instantly wary.
Phone Call Scams

Watch Out! These 7 Phone Call Scams Could Steal Your Money

Those scammers are sneakier than you'd think, but you need to protect your money and information.
Online Shopping Scams and How to Avoid Them

Online Shopping Scams and How to Avoid Them

With Christmas shopping looming, now is the time to wise up to the tricks of online scammers.
What seemed a genuine romance ultimately left one woman devastated

Lonely Heart Scams

What seemed a genuine romance ultimately left one woman devastated.
Advertisement
Advertisement