5 tips to help keep aging parents safe from financial fraud

by | Jun 2, 2023 | Finance and Business

Older adults are often targeted by fraudsters. An accumulated nest egg, being more socially isolated and an aging mind can contribute to their vulnerability. Simple conversations can go a long way to help the seniors in your life avoid becoming victims of fraud.

Follow these simple steps to help protect your family members.

Get talking
Awareness is often the first step in preventing fraud, so it’s important for anyone with aging parents or family members to have regular conversations around the risk of fraud, current scams and how to keep your money and personal information safe.

Set up safe habits
Discuss the steps they should take when writing cheques, withdrawing or transferring larger amounts of money. Talk about the importance of never giving out money or personal information over the phone, email or text to unknown contacts.

Discuss warning signs
Share how scammers will often impersonate trusted contacts or even family members. Remind them that their bank or government agencies will never call and ask for sensitive information or ask you to put that information in an email.

Stay connected
Check in with your family regularly and ask questions. Encourage your loved ones to have their bank set up alerts for unusual account or credit card activity that could be fraudulent.

Be vigilant together
Encourage loved ones to call you or another family member, their bank or their financial advisor if they are unsure about something or think they have been targeted by a fraudster.

Find more fraud-safety tips from RBC at rbc.com/privacysecurity

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