Financial scams aimed at older adults are becoming alarmingly common, often exploiting their trusting nature, less familiarity with digital technology, or even their longing for connection.
In a world where staying connected is easier than ever, the same tools that help seniors keep in touch with family or manage money can also leave them vulnerable to fraud. As family members, we have a powerful role to play – not just in protecting our loved ones, but in empowering them with the knowledge and tools to stay safe.
Here are some practical ways to help protect your older loved ones and keep their finances secure…
Keep an open and non-judgemental dialogue with them“Try to keep an open dialogue about what they see on the internet or any other forms of contact and whether it can be trusted,” advises Sarah Lenette, financial crime specialist at Starling Bank. “I’d also recommend highlighting that absolutely anyone can be a victim of a scam.
“You only have to look at the news these days to see examples of people of all ages being scammed, so you can highlight some examples of people you know personally, or someone in the public eye, to help your older loved ones feel less singled out by their age.”
Educate them on some common scams
Show them how different platforms, devices and emotional triggers can be exploited through scams.
“While impersonation scams might already be on their radar, less obvious tactics, like romance scams or social media cons, could catch them off guard,” highlights Joe Jones, digital scam expert and CEO & founder of cybersecurity training platform Pistachio. “From phishing emails and smishing texts, to fake online shops, and dubious investment offers, scammers use increasingly clever tactics to trick people into giving up money or personal data.“Teaching loved ones how to spot red flags – such as pressure to act fast, requests for money, or offers that seem too good to be true – can make all the difference.”
Set rules and safeguardsA simple precaution is to establish a family safe word or password to confirm the identity of the person on the other end of the call.
“This is to mitigate the chance of being scammed by people sounding like a trusted family member over text or on the phone, particularly with the rise of AI voice cloning,” explains Lenette. “This phrase should be a random word or phrase that’s different from your passwords or memorable data. You could use a catchphrase from a TV show you enjoy together, or an in-joke.”
Encourage scepticism
“Digital native generations are more familiar with the idea that people you don’t know on the internet are often not who they say they are,” recognises Jones. “But older generations can lean towards credulity, assuming that an email purporting to be from a family member or their bank (often in a state of urgency or emergency) asking for money is authentic.
“Encourage your relatives to be sceptical and ask questions about messages they receive: Does this person sound like the person they claim to be? Is this how they usually contact me? Would this person or organisation ask me for money?”
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Encourage them to always authenticate suspicious requests
“If this questioning is inconclusive or they’re unsure either way, encouraging your relatives to authenticate the message in a way that is separate to how they received the message,” advises Jones. “For example, if they receive a text or email from a friend or family member asking them to send them money or some details, tell them to call that relative or to get them to verify in person before doing anything.”
Teach them about preventive tools for specific scams
“For example, if your loved one has been contacted about an investment, they can use the Financial Conduct Authority’s ScamSmart Investment Checker to check if it is legitimate,” says Lenette.
“As another example, if someone rings and claims to be calling from your bank or an authority figure like the police who are asking for financial details and pressuring you to make a payment, you can hang up and ring 159 – a hotline designed to fight fraud.”
