Five Steps to Keeping Parents and Grandparents Safe From Financial Fraud
Financial scammers target older adults who live alone, have a sole caregiver, keep a retirement nest egg, or have an extreme credit rating. These are just a few factors that make seniors vulnerable to financial fraud. In this blog post, Daniel Klibanoff shares five steps young adults can take to protect their parents and grandparents from financial scams.
The first step to keeping the elderly safe from financial fraud is to discuss the subject. Avoiding conversations about financial matters contribute to the older adults’ vulnerability to scams. Start the conversation and be preemptively involved. Be empathetic when you talk about the topic with older adults. Be patient and make sure to listen to new questions to better assist.
Check their privacy settings. If possible, ask the older adult for their devices like smartphones, tablets, laptops, and computers to examine their privacy settings. Change and update as necessary and inform them of any changes made to their devices. Older adults who may be tech-savvy might still need assistance checking from time to time.
Keep having the conversation about finances to prevent unwanted online transactions. According to Daniel Klibanoff, senior citizens who can still make sound decisions about their estate should be encouraged to put high-level financial protection such as a durable power of attorney for asset management. A healthcare advance directive or a living will ensure an older adult's wishes are fulfilled when they cannot make decisions for themselves. Moreover, maintaining an estate plan is essential in keeping funds, resources, and properties in safe hands.
Those who are more hands-on in keeping their parents and grandparents safe from financial crimes must stay in contact with them. Please keep track of new scams and talk to them. It's always best to check in on your loved ones to ensure their safety in every way, including financial security.
Daniel Klibanoff is a serial entrepreneur who has generated millions of dollars in revenue for businesses he has owned. At present, he is the President and CEO of Multimedia Lists, Inc., a multi-channel data and audience solutions provider. For more about him, visit this page.










