One Step Financial Advisers Recommend to Shield Aging Parents From Scams
Romance and fraud scams targeting older adults are rising. Advisers say one proactive measure can make a meaningful difference.
Financial scams targeting elderly Americans have become a persistent and growing threat, with romance fraud among the most emotionally devastating schemes. Advisers who work with older clients say the warning signs can be difficult to detect until significant damage has already been done.
One financial adviser described a client who had fallen victim to a romance scam, recounting that the person seemed emotionally detached and unresponsive during conversations about the situation. "I felt like I was talking to a robot," the adviser said, suggesting the psychological grip such scams can exert on victims.
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Experts in elder financial protection emphasize that families and advisers should act before fraud occurs rather than after. Establishing open lines of communication with aging parents about their finances — and designating a trusted contact with their financial institution — is widely cited as among the most effective preventive steps available.
A trusted contact is a person a financial firm can reach out to if it has concerns about a client's account activity or mental capacity, without necessarily disclosing account details. Encouraging elderly relatives to add such a contact creates a potential intervention point that can interrupt a scam before losses become catastrophic.
As elder fraud cases continue to mount across the country, advisers warn that victims are often reluctant to disclose what has happened due to shame or continued emotional manipulation by scammers. Early, routine conversations about financial safety remain the most reliable line of defense. Continue reading at MarketWatch.com
