3 Tips for Talking to Your Elderly Parents About How to Protect Their Money from Scammers

Growing up, you might have had a trusted adult who could give you advice about how to navigate the world successfully. They protected you in so many ways, including giving you the knowledge to build and protect your own wealth and to avoid the people who would do you harm.

Now you’re the adult, and those trusted adults, they’re elders. They still have values and wisdom to impart, but the role of protector may have shifted. Unfortunately, there are many scammers and predators out there who target seniors and their money . Cautioning your elders about these scams might well fall on to you.

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In fact, the FBI estimates that elder fraud complaints to its Internet Crime Complaint Center rose by 14% in 2023, with scams that prey on people aged 60 and older causing $3.4 billion in losses that year. Inside this large number, there are stories of heartbreak and financial devastation: The FBI said that the average victim of elder fraud lost $33,915 to these crimes.

Initiating these conversations can be hard, but fortunately, GOBankingRates connected with some experts who have advice about how you can start. Here are some tips for talking to your elderly parents about how they can protect their money from scammers .

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Share Examples From the News

For Alan Andrews, commercial consultant at KIS Finance , combatting scammers is personal. He’s seen firsthand how older family members can be taken in by phishing emails and bogus phone calls, which increased his resolve to make sure his mother had the information to protect herself.

He recommended starting that conversation by bringing up a recent news story about a scam, which makes the topic relevant without making your relative feel singled out. For instance, if there have been reports of fake charities or lottery scams, ask your relatives if they’ve heard about them and what they think.

“To ease into the discussion, ask if they’ve received any unusual calls or emails themselves. This can open the door to a natural conversation,” he said. “This way, they can share their experiences, and you can gently offer advice.”

Using the experiences of other people allows you to offer a more generalized talk on what to do, such as always verifying who is calling them before sharing any personal details — or better yet, not giving out any information over the phone unless they’re absolutely certain of the caller’s identity.

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Blend Practical Tips With a Gentle Approach

When Andrews had the conversation with his own mother, he found that emphasizing the fact that he was coming from a place of care instead of doubt about her abilities was more helpful.

“Using gentle, caring language was the difference maker for me while talking to my mother. Phrases like ‘I worry about you’ or ‘I want to make sure you’re safe’ can show concern without implying they can’t handle things themselves,” he said.

As you’ve expressed your concerns, show them practical skills, like how to block suspicious numbers or emails, and keep their information secure.

Focus On a Message of Empowerment

Speaking to elders who might be more resistant to the idea that they need protecting requires a different approach, according to Dr. Sham Singh, a Harbor UCLA-trained psychiatrist at Winit Clinic . He said that instead of focusing on vulnerability, you should emphasize how understanding scams can actually empower them.

“For example, you could say, ‘Knowing about these scams can give you the knowledge to make informed decisions and maintain control over your finances,'” he said. “This approach shifts the conversation toward empowerment and self-confidence, reinforcing their ability to manage their own affairs.”

This article originally appeared on GOBankingRates.com : 3 Tips for Talking to Your Elderly Parents About How to Protect Their Money from Scammers