Protection from Scams (6/27/2025)

Earlier this week, I received an email from the daughter of a former client. 

Her dad — who I knew to be sharp, savvy, and “still on top of things” — had just tried to ship $25,000 in cash to a man who claimed to be from the IRS. The scammer told him he owed back taxes and would be arrested if he didn’t act immediately. The calls were convincing. His fear was real. And if not for one amazingly attentive clerk at the UPS store, that money would be long gone. 

This wasn’t a frail, confused person. He recently retired from DuPont, graduated from Villanova. Still drives. Still reads the paper every morning. But in a moment of panic and pressure — and after years of trusting his instincts — he made what could have been a very costly decision.

His daughter is embarrassed. She feels like she dropped the ball on protecting him. Scams are becoming more sophisticated everyday and after many years of working for financial institutions I appreciate the reality that scammers love to prey on older Americans. 

So here’s your gentle (but firm) nudge this week:
We have to protect our older loved ones — even the ones who “don’t need help.”

Let’s be proactive before fear or confusion makes someone vulnerable. Here are some simple, practical things you can do now:

6 Ways to Help Protect Your Parents (and yourself) From Financial Scams

1️⃣ Add a Trusted Contact
Most financial institutions allow clients to name a “trusted contact” — someone they don’t give account access to, but who they’ll notify if something seems off. It’s a no-brainer safety net. Have this conversation with your parents this week. All they do is provide the bank with your email and/or phone number, and this will only be used if the bank needs to contact you out of concern to protect your parents.   

2️⃣ Check in often — and pay attention to changes
If your parent suddenly becomes hard to reach or starts avoiding conversations, check in. Some scams isolate victims by telling them not to talk to family. Stay curious and connected.

3️⃣ Set up shared email access (with permission!)
This one might feel intrusive, but many older adults feel pressure to respond to every email, especially from people who seem polite and official. Even a monthly glance at their inbox can catch red flags early.

4️⃣ Review bank or credit card statements together
Normalize this! Frame it as teamwork — not oversight. Spotting a weird charge early is so much easier than dealing with the aftermath of a drained account. If they’re not comfortable sharing that level of detail with you, that’s okay, just encourage them to occasionally show it to a friend, sibling, or anyone else you trust. 

5️⃣ Make sure estate plans are current
Outdated wills, powers of attorney, and healthcare directives can create big problems fast. Chronic illness or cognitive decline can sneak up quickly — don’t let paperwork be the thing that slows down your ability to help. You don’t necessarily need to draft new ones, just make sure the language is still appropriate for their wants and needs. 

6️⃣ Talk about how these scams happen
Education is protection. Help your parents recognize common red flags: urgency, secrecy, emails with slightly misspelled domains, requests not to tell anyone, or messages claiming to be from trusted figures like pastors or bank reps. A “just wanted to double check” phone call could save thousands of dollars.

These aren’t always easy conversations to have. But they’re necessary — and loving. And I can tell you from experience, it's a lot easier to have these conversations before something goes wrong.

Forward this to your siblings, share it with a friend, or use it as your script when you bring this up over the weekend.