Protecting Your Parents from Financial Scams: A Guide for Adult Children

Peace of mind starts with prevention.

You’ve spent your whole life trusting your parents’ judgment. They’re sharp, thoughtful, and independent.

But today’s financial scams aren’t just obvious schemes or poorly worded emails from strangers. They’re sophisticated, targeted, and designed to prey on exactly the kind of people your parents are—generous, trusting, and often too polite to hang up or say no.

If your parents are in their 70s, 80s, or 90s, they’re at increased risk for elder financial abuse—even if they’ve never fallen for a scam before.

Here’s how to protect them without patronizing them, and what you can do today to build financial safeguards that actually work.

Step 1: Know the Red Flags

Not all abuse looks like theft. Some of it looks like “help.”

These are some of the most common elder financial scams:

• Tech support scams – Pop-ups or calls pretending to be from Apple or Microsoft
• Imposter fraud – “This is the IRS—you owe money or you’ll be arrested.”
• Romance or friendship scams – Often targeting widowed or isolated individuals
• Subscription traps – Monthly charges for unwanted services or “free trials”

And not all threats come from strangers. Sometimes, sadly, financial abuse comes from a neighbor, caregiver, or even a family member.

Step 2: Watch for Behavioral Changes

Your parents may not tell you if something is wrong. But you can watch for clues.

Signs of possible financial abuse include:

• Large, unexplained withdrawals
• Sudden changes to wills or beneficiaries
• New “friends” taking an unusual interest in their finances
• Increased secrecy or shame about money
• Unpaid bills despite having sufficient assets

Step 3: Put the Right Safeguards in Place

Rather than waiting for something to go wrong, you can proactively create a system that minimizes risk and preserves their independence.

Here’s how:

✅ Add a Trusted Contact on Investment Accounts

This allows their advisor or custodian to reach out to you (or someone they trust) if suspicious activity arises—without giving you access to the account.

✅ Freeze Credit if Appropriate

Especially if your parents aren’t applying for new loans or credit cards. This can block unauthorized account openings.

✅ Set Up Transaction Alerts

Many banks and credit cards allow for email or text alerts when large transactions occur.

✅ Use View-Only Access or a Monitoring Tool

Instead of full control, consider tools that let you keep an eye on their accounts without making changes. It keeps them in the driver’s seat—but with a co-pilot.

✅ Centralize Important Information

Keep a secure list of logins, accounts, and insurance policies in one place. (We call this a “Disaster File.”)

Step 4: Normalize the Conversation

Scams thrive in silence.

The best defense is open dialogue—and the way you frame it matters. Try:

“I’ve been reading a lot about how common scams are these days. I’d love to talk through how we can make sure everything’s buttoned up on your end—not because you’re doing anything wrong, but because even the smartest people are being targeted.”

You’re not accusing. You’re aligning.

Step 5: Get Professional Eyes on the Situation

Sometimes, the best thing you can do is have a neutral third party help set up the right systems—and catch red flags before you do.

A financial advisor can:

• Monitor for unusual account activity
• Help consolidate and organize finances to reduce complexity
• Identify missing legal protections like Powers of Attorney or beneficiary designations
• Coordinate with elder law attorneys when more advanced planning is needed

Want to help your parents without stepping on toes?

We’re here to guide families through these transitions—quietly, respectfully, and with your parents’ dignity intact.

👉 Schedule your complimentary Discovery Call with me here today!

Massie Financial Planning (MFP) is an investment adviser registered with the state of Virginia. MFP may only transact business in states where it is registered, exempt, or excluded from registration. Information presented on this site is for informational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any product or security. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here. The information being provided is strictly as a courtesy. When you link to any of the websites provided here, you are leaving this website. We make no representation as to the completeness or accuracy of the information provided at these websites.