When your parents click through emails on their phone or computer, it might seem harmless enough. However, waiting in some attachments or links are viruses or cybercriminals ready to trick them into paying money or worse, empty their entire bank account. Financial scams have been on the rise, and, according to the Government of Canada, fraud is the most common crime against seniors.
Older Canadians are especially vulnerable due to factors such as:
- Cognitive changes.
- Spending more time at home and potentially answering unknown calls or door knocks.
- Lacking a nearby support system to run things by, like asking questions about an odd email.
A scam can do more than drain bank accounts; it can erode your parents’ sense of safety and autonomy. Here, we will explore how to protect them from fraud, support their independence, and establish safeguards that provide both of you with peace of mind.
What Are Some Common Scams that Target Seniors?
Scams can range from random phone calls and texts to more targeted scenarios. In general, it can be challenging to predict where scams will come from, as they can target vulnerable adults through various channels. To better prepare yourself and your loved ones, learning common types of scams will make it easier to notice them early on. Here are some that frequently target seniors:
- Phone Scams: Often involving fake tech support or government impersonation, such as callers claiming to be from the CRA. Scammers may claim there’s an issue with your parents’ taxes or computer and request immediate payment or access.
- Email and Text Phishing: These are fraudulent messages that appear legitimate but contain links designed to steal personal or banking information.
- Before clicking, hover over links to confirm the web address matches the sender.
- Never enter sensitive information—like passwords or banking details—through pop-ups or unsolicited forms, as recommended by RBC.
- Watch for urgent or emotional language, such as threats to suspend an account or warnings of “suspicious activity.”
- Romance Scams: Scammers may create fake online personas to form emotional connections with seniors, gradually gaining trust before requesting money for fabricated emergencies.
- Grandparent Scams: Emotional manipulation through urgent messages claiming to be a grandchild or family member in crisis is increasingly common. These often pressure seniors to send money quickly and in secrecy.
- Investment and Lottery Scams: These scams include promises of high returns, unexpected prizes, or “exclusive” opportunities that require upfront payments or the disclosure of personal details. Fake charities also fall into this category, preying on generosity and goodwill.
7 Ways to Protect Your Parent From Financial Scams
1. Start a Conversation About Scams
Whether or not your parent or loved one has already been part of a scam, it’s essential to speak with them about the dangers of these situations. The key is to avoid making it sound as though they can’t make sound decisions or detect when something is suspicious. Always approach the conversation with empathy and facts, while taking an educational angle.
To start the conversation, consider asking your parents questions about whether they’re aware of any scams or have had previous experiences that are unknown to you.
- “Have you had any weird phone calls lately?”
- “Has anybody you don’t know texted you?”
- “Did you hear about that CRA scam on the news?”
These can open the conversation for scam prevention. If your parent feels as though they’re being watched or frequently bothered by people they don’t know, encourage them to let you check in regularly. That way, you can establish a better understanding of whether they may be being targeted.
2. Review and Strengthen Financial Safety Nets
Maintaining your parents’ financial security can be tricky if you don’t know what’s going on within their accounts. Take the time to review and set up security measures, adding a layer of protection if something were to happen and their login credentials were compromised. Being added as a user on their account can also help determine if there is any suspicious activity. To accomplish this, we recommend the following:
- Set up banking alerts for large transactions or those from unknown sources to stay informed.
- For extra protection, consider separate devices for banking and general web browsing to prevent the spread of malware if one device becomes compromised.
- Enable two-factor authentication (2FA) for banking and shopping sites.
- Help create unique passwords and store them using a password manager, or write them down in a secure location.
Our caregivers can help establish safeguards at home through daily routines that reduce risk and enhance your peace of mind. Learn more about our Personal Support Services.
3. Consider Limiting and Monitoring Access to Sensitive Information
Your parent may not be aware of all the different ways they may be putting themselves at risk. Limiting and monitoring how they handle their personal information can help protect them from inadvertently sharing sensitive details or falling for a scam. It’s important to note this isn’t a one-time thing, but an ongoing effort:
- Safeguard their personal information by shredding unnecessary documents and explaining to them the dangers of sharing their SIN numbers online or with strangers.
- Regularly check their credit card history, bank statements and their physical mail together. This shows that you’re both taking part in protecting their privacy and not overstepping on their independence.
- Consider signing up for credit monitoring or identity theft protection services to safeguard personal information.
4. Educate Them on Red Flags to Watch Out For
Scams are almost always unexpected; this is purposeful to catch seniors off guard and push the messaging of urgency. Here are some key red flags that can easily determine the legitimacy of a text, email, or request:
- Pressuring language and attempting to ensure that seniors keep the interaction a secret.
- Requesting gift cards or wire transfers, which are less traceable than traditional funds.
- The use of emotional or threatening language, such as “family members in crisis” or “your payment is overdue” messages.
5. Use Call and Email Filters
Scams can be increasingly sophisticated; even an experienced user might struggle to find the differences in a fraudulent logo of a well-known bank, or inconsistencies in a website URL, or that a pre-recorded message sounds robotic in nature. We recommend being proactive by taking the necessary steps to filter out unknown calls or emails:
- Block unknown or spam phone numbers.
- Install caller ID and robocall screening services.
- Set up email filters to detect spam and phishing emails.
Taking these measures stops scam and robocalls from even ringing your parents’ phones. As an extra precaution, you can register your parents’ phone number with the National Do Not Call List in Canada to further prevent unwanted calls.
6. Educate Them with Real-Life Examples
If your parent doesn’t understand the threat that scams can pose or needs more context, real-life examples are perfect supporting information. Educating them about these instances can teach them skills to protect themselves; ultimately empowering them and reassuring you:
- Use real stories to demonstrate the risks involved, explain how it happened and how it could have been prevented.
- Demonstrate how scammers frequently employ flattery, fear, or urgency to manipulate their victims.
- Practice answering scam scenarios together to teach them what to say when someone claims to be the CRA, their bank, or a loved one.
7. Encourage Them to Talk About Suspicious Encounters
Your parent may be hesitant to ask for you and make you feel like they’re putting a lot on you. Reassure them that it’s not embarrassing or a burden to ask for help, and make them feel safe and supported with active listening:
- Encourage them to discuss any suspicious encounters they’ve had with you and normalize them asking for a second opinion before making decisions.
- Create a “fraud check” routine, where you both take the time to review suspicious calls, emails, or mail together before taking any action.
- Reassure them that it’s a judgment-free space, explain that even if they do get scammed, it doesn’t mean they failed. Many scams are designed to target even the savviest individuals.
What to Do If They’ve Been Targeted
As scary as it is to realize your parent was targeted, it’s essential not to panic. Aim for damage control and avoid blaming them. There are many ways to address the scam and prevent more from happening in the future:
- Contact their bank and credit card provider immediately.
- Report the fraud to the appropriate authorities, such as Canada’s Anti-Fraud Centre, even if the scam was unsuccessful.
- Monitor credit reports for fraudulent activities.
Worried it’s time for more hands-on help? Let’s talk about what personalized, trustworthy care looks like for your parent.
Protecting Their Future Together
The aim for safeguarding your parents’ finances isn’t to control them, but rather, to empower them. Keeping your parent safe from financial scams is a long-term process. These involve education, open communication, and minor digital adjustments that can make a significant difference. You can help protect their hard-earned savings while preserving their independence. Contact us to create a personalized care plan that includes fraud protection and peace of mind.
About The Author
Stephen Bleeker
Stephen Bleeker is dedicated to redefining senior care as the CEO and founder of Assurance Home Care. His passion for enhancing the quality of life for seniors is at the heart of the company’s mission, which focuses on supporting aging in place through compassionate, personalized care. With a diverse background spanning music, lifestyle, and entertainment, Stephen brings a unique blend of creativity and strategic insight to the healthcare industry. His knack for innovation, customer experience, and holistic marketing has consistently led to exceptional outcomes, making him a dynamic leader who’s transforming how care is delivered.