By Rick Waechter, Founder

Your aging parents are the #1 target for scams: telephone and online. They are juicy targets for two reasons. On average, they have more money than younger people, and on average, they can often be more trusting.

Over the past two years, we have had multiple cases of client parents being scammed. The threat is real. But too many seniors don’t believe it. If you have elderly parents, you can do two things. First, convince them they need to worry. Second, help them protect themselves.

The risk of scams is real

The FBI reports elderly Americans lose more than $3 billion annually to fraud. The FBI says the most common scams are romance scams, tech support scams, child/grandchild impersonation scams, government impersonation scams and sweepstakes/lottery scams. Because being scammed is embarrassing – especially for an older person – the actual level of fraud must be far worse.

Give your parents the data. Or, if you want to sugarcoat it, have them stream a funny and heartwarming movie where a senior is scammed and gets revenge: Thelma. (Here’s a link to the movie preview, but, of course, you should search for it online instead of clicking on the link.)

How your aging parents can protect themselves

Here are 6 steps your parents can take to reduce the risk of fraud:

• Don’t answer calls from anyone you don’t know. If the caller leaves a message (a fraudster almost never will), call them back on a number you know is legit – not the number they left. Government agencies and large financial institutions will almost never call; a call purportedly from Social Security or the IRS is likely fraudulent.
• Don’t click on any email links unless you are sure the sender is trustworthy. This is hard for anyone who spends a lot of time online. But if you are careful and refuse to be rushed, that helps.
• Never send money anywhere unless you are sure it’s a legitimate request. Take your time. Ask for a second opinion. Then ask for a third opinion too.
• For financial account logins, use 2-factor identification. Your parents may resist. It feels like a bother. But it will become second nature, and the bother is so worth it.
• Get a password manager. It’s easier and safer than a handwritten list.
• Freeze your credit so no one can open a credit card if they get your Social Security number. Search online for “freeze your credit” and you’ll find easy instructions.

Your parents need your help -- even if they don’t know it or aren’t quite ready to admit it.