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How to talk to your aging parents about potential financial scams
🕒 4-minute read
At Rave Financial, we believe protecting your financial well-being extends beyond your own accounts. It includes the people you care about most. And for many families, that means having an open, honest conversation with aging parents about the growing threat of financial scams.
These conversations can feel sensitive or overwhelming, but they’re incredibly important. Scammers are becoming more sophisticated, often targeting older adults with tactics designed to create urgency, fear, or false trust. A little preparation and a lot of compassion can make the discussion easier for everyone.
Start with Empathy, Not Alarm
Begin by framing the conversation around protection, not criticism. Try something simple like:
“Mom, Dad, I’ve been learning about new scams going around. They’re targeting so many people, and I just want to make sure we’re all aware of them.”
This approach shows you’re on the same team, not questioning their independence or judgment.
You could also casually ask, “Dad, have you heard about this new charity scam?”
Share Real Examples
Talking about common scams like fake IRS calls, tech-support pop-ups, or grandparent emergency scams can help your parents recognize warning signs. Keep the examples short and relatable. You can even mention that Rave Financial regularly helps members navigate these situations and provides public seminars on Identity Theft & Protection.
Fake IRS Calls
If your parents get an unexpected letter, email or text that claims to be from the IRS or another trusted source – like a bank, a credit company or a tax software provider – here are some tell-tale signs that it’s a scam:
- Spelling errors or incorrect grammar.
- A link or attachment with a slightly misspelled URL or an unusual one such as irs.com. All IRS links go to irs.gov.
- A threatening or urgent request to pay now, to follow a link or to open an attachment.
Taxpayers who receive a request from IRS in the mail or by phone can always contact IRS customer service to authenticate it.
Tech Support Pop-Up Scams
Tech support scams typically start with fake pop-up messages that appear on your computer or phone, often mimicking alerts from reputable companies like Microsoft or Apple. These messages may claim that your device has been infected with malware or that there are serious issues that need immediate attention. The goal is to create a sense of urgency, prompting you to call a provided support number for help.
- Do Not Call: If you see a pop-up or receive a call claiming to be tech support, do not call the number provided. Legitimate companies will never ask you to call a number from a pop-up message.
- Close Pop-Ups: If a pop-up appears, close it immediately. You can use Task Manager (Windows) or Force Quit (Mac) to close the browser if necessary.
- Verify Sources: Always verify any claims made by tech support representatives by contacting the company directly through official channels.
Protect yourself from tech support scams by remembering legitimate companies won’t ask you to call via pop-up, and always verify sources.
Grandparents Emergency Scam
Grandparent scams are a type of fraud where scammers impersonate a grandchild or other family member in distress, often claiming they need money to resolve an emergency. These scams can be very convincing, especially for seniors who may be more trusting of loved ones. Here are some key points to recognize and avoid grandparent scams:
- Impersonation: Scammers may use fake names or start conversations with “It’s me, Grandpa!” to gain trust.
- Urgency: They create a sense of urgency to make victims act quickly.
- Emotional Manipulation: Scammers exploit emotions to bypass victims’ critical thinking.
- Privacy Requests: They often ask victims to keep the situation confidential.
- Unusual Payment Methods: Requests for unusual payment methods like gift cards or cash are common.
- Verification: Always verify the caller’s identity by asking personal questions or contacting the family member directly.
To protect yourself from grandparent scams, always pause and verify any unexpected calls, ask personal questions, and never send money or personal information to unknown callers. If you suspect a scam, block the caller and report it to authorities.
Offer Simple, Actionable Tips
Encourage a few easy habits:
- Pause before responding to unexpected calls, messages, or requests for money.
- Never share account numbers or passwords with someone who reaches out first.
- Verify the source by calling the official number on a statement or website and never the number provided in a suspicious message.
Remind them that it’s always okay to ask for help or a second opinion. That’s what family and their financial institution is here for.
Keep the Door Open
Make this an ongoing conversation, not a one-time warning. Let your parents know they can come to you or to Rave Financial anytime they feel unsure. We’re committed to providing tools, education, and support to help protect every member of your family.