Protecting aging parents from scams
As our parents age, protecting their well-being often extends beyond healthcare and daily support. Increasingly, families are finding themselves concerned about another growing threat: financial exploitation.
Older adults are targeted by scammers every day through phone calls, text messages, social media, email, and even artificial intelligence (AI)-generated scams that can mimic the voices of loved ones. According to federal agencies, older Americans lose billions of dollars annually to fraud, and many cases go unreported due to embarrassment or fear.
The good news? With proactive planning and the right legal safeguards, many of these risks can be reduced.
Why older adults are frequently targeted
Scammers often view seniors as attractive targets because they may have accumulated savings, own valuable assets, or be less familiar with rapidly evolving technology.
In some cases, cognitive decline, isolation, or the loss of a spouse can increase vulnerability. Fraudsters know this and frequently use fear, urgency, or emotional manipulation to gain trust and access to financial information.
Unfortunately, financial exploitation doesn’t always come from strangers. Sometimes the individuals causing harm are caregivers, acquaintances, or even family members who have access to accounts and personal information.
Today’s most common scams
While tactics constantly evolve, several schemes continue to target older adults:
• Impersonation Scams: Criminals pose as government agencies, banks, utility companies, or law enforcement officials.
• AI Voice Cloning Scams: Fraudsters use artificial intelligence to mimic the voice of a child or grandchild claiming to be in an emergency.
• Tech Support Scams: Victims are convinced their computer or phone has been compromised and are persuaded to provide access or payment.
• Romance Scams: Online relationships are cultivated over weeks or months before requests for money begin.
• Investment and Cryptocurrency Fraud: Scammers promise high returns with little risk, often targeting retirees seeking additional income.
One of the most important things families can do is create an environment where parents feel comfortable discussing suspicious communications without fear of judgment.
Legal tools that provide protection
Estate planning is not just about what happens after death. It can also help protect individuals during their lifetime.
A Durable Power of Attorney allows a trusted person to assist with financial matters if needed. A Revocable Living Trust can provide oversight and continuity in the event of incapacity while helping safeguard assets.
Likewise, a Healthcare Power of Attorney ensures trusted individuals can assist with medical decisions and access important information when necessary.
Having these documents in place before a crisis occurs is essential.
Practical steps families can take
In addition to legal planning, consider:
• Setting up account activity alerts
• Using multifactor authentication
• Monitoring credit reports regularly
• Reviewing financial statements together
• Creating a trusted contact relationship with financial institutions
• Encouraging parents to pause before responding to urgent financial requests
A final thought
Protecting aging parents from financial exploitation is not about taking away independence. It’s about preserving it. Thoughtful planning can help seniors maintain control of their lives while providing safeguards against those who seek to take advantage of them.
If you’re concerned about protecting an aging loved one, consider speaking with a local, trusted estate planning attorney. The right plan can provide peace of mind, preserve dignity, and help ensure your family’s hard-earned assets remain protected for years to come.
For educational purposes only. This is not legal advice. Lisa Hostetler Brown is a Certified Elder Law Attorney certified by the National Elder Law Foundation. 2 Hampton Hall Blvd, Ste 100, Bluffton, SC 29910. | 843-757-5294 | LawyerLisa.com.
