close
Advertisement
Shop Now
Magazine

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

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These include: changed spending habits; they’re withdrawn when discussing money; start receiving extra junk mail after being added to a ‘sucker list’ by fraudsters; their behaviour around money shifts.



More in Money

Inside the Scammers’ Net

Inside the Scammers’ Net

With scammers staying one step ahead of authorities and targeting the elderly, it’s never been more important to know how to spot and avoid their traps.
Debt

Steps to Get Out of Debt

Follow this advice to break the habit of overspending once and for all.

5 Ways to Escape the Credit Card Debt Trap

Credit card companies make profits on a simple fact of human nature: we buy today and worry about how to pay for it tomorrow.

Spend less

5 Ways to Trick Your Mind Into Spending Less

The mind works in mysterious (and expensive) ways, but you can outsmart it with these money-saving ideas from the experts.

Selling online

Make Extra Cash by Selling Online

Almost anyone can be an online seller.

Advertisement