Don’t Lose Your Savings to a Scam — Safety Checklist Included
Protect Seniors and Adult Children from Financial Exploitation
You have worked too hard to build security, a home, and a lifetime of savings just to have it threatened by a phone call, a text message, or a “trusted” new relationship. But as people age, scammers get more aggressive, and the consequences get bigger. One bad decision under pressure can drain accounts, trigger family conflict, and force rushed legal decisions when time matters most. To make this easier, we also include a practical Safety Checklist at the end of this blog so you can take action step-by-step, without guesswork.
The truth is, scams today are not just annoying. They are sophisticated, targeted, and often designed to exploit isolation, grief, memory changes, and fear. The good news is that with the right planning, families can reduce the risk dramatically, and respond quickly if something happens.
The Hidden Cost of Financial Exploitation
A scam rarely ends with a single charge. It usually creates a chain reaction.
A single transfer can wipe out emergency savings and long-term care plans.
Unusual withdrawals and missing records can create serious headaches later, especially if Medicaid planning or benefits applications become necessary.
Families can end up in court when no one has legal authority to step in.
Shame and secrecy keep scams hidden until the damage is done.
Most families do not plan for scams because they assume they would “see it coming.” Scammers are counting on that.
Many families wait too long to build protections. They assume they will handle it if it happens. But prevention is everything.
The best protection is simple, practical, and put in place early. Elder law planning is not only about wills and trusts. It is also about keeping seniors safe, keeping families aligned, and creating a clear legal structure for who can help, and how.
Some of the most effective tools include:
Trusted Contact and Account Alerts
Many banks and investment firms allow you to add a trusted contact and set alerts for large withdrawals, new payees, password changes, and wire activity. This creates an early warning system without taking away independence.
Powers of Attorney (Set Up Before a Crisis)
Adult children often try to help when something goes wrong, but they may have no legal authority to speak with banks or stop transactions. A properly drafted power of attorney can allow a trusted person to step in quickly if needed, with guardrails and limits that match the senior’s comfort level.
A Simple “Verification Rule” for Money Movement
Families should agree on one rule and stick to it. For example: no wire transfers, gift cards, or crypto transfers unless a family member verifies the request using a trusted phone number and a second method (call back, in-person confirmation, or a known contact).
Documentation and “Records Ready” Planning
If long-term care planning or Medicaid is ever on the horizon, clean records matter. Scams often create unexplained transfers that are difficult to document later. Keeping statements organized and tracking large transactions can protect the family if benefits planning becomes necessary.
Identity Protection Steps
Credit freezes, stronger passwords, two-factor authentication, and removing unnecessary online access points can reduce the chances of identity theft and account takeover.
What to Do if You Suspect a Scam
Time matters. The earlier you act, the more likely you can stop losses and limit damage.
Contact the bank or financial institution immediately and ask them to freeze activity or investigate transactions.
Save evidence: texts, emails, receipts, transaction confirmations, and phone numbers used.
File reports as appropriate (law enforcement, financial institutions, and relevant agencies).
Do not “fix it” by moving large amounts of money quickly without advice. Panicked transfers can create additional complications.
Speak with an elder law attorney if there are capacity concerns, family conflict, or repeated exploitation attempts.
