Protecting Our Loved Ones: How to Help Elderly Family Members Avoid Financial Scams

As our parents and grandparents age, many find themselves navigating a rapidly evolving financial landscape, one filled with digital tools, mobile apps, and, unfortunately, an alarming rise in scams targeting older adults. At Country Bank, we believe it’s our responsibility, as a community partner, to help you protect the people you love from becoming victims of financial fraud.

Here are some proactive steps you can take to help safeguard elderly family members from common financial scams:

1. Start the Conversation Early and Often

Fraudsters thrive in silence. Make it a priority to discuss the types of scams with your loved ones. From phony tech support calls to romance scams and fake IRS demands, awareness is the first line of defense. Encourage open dialogue so they feel comfortable asking questions or reporting anything that seems suspicious.

Tip: Frame the conversation as a team effort, not a lecture. Try, “There’s been much fraud targeting seniors lately, can we review your financial safety plan together?”

2. Review Bank and Credit Card Statements Regularly

Help your loved ones review their accounts monthly (or more frequently if needed) to catch unusual activity early. Many scammers initially withdraw small amounts to test the system. Spotting these patterns early can prevent larger losses.

At Country Bank, we offer account alerts and tools that notify customers of unusual transactions—an excellent tool for detecting potential fraud early. You can set them up in our mobile and online banking applications. Visit our eServices page for more information. (add link)

3. Set Up Trusted Contact Persons

For elderly customers, having a co-owner on their accounts with their financial institution can help prevent fraud if suspicious activity is detected. It enables the bank to contact someone they know and trust without violating privacy laws.

Action Step: Discuss with your banker the setup of this arrangement for your loved one’s accounts.

4. Encourage Multi-Factor Authentication and Strong Passwords

If your loved one uses online or mobile banking, ensure they are using strong, unique passwords. This adds an essential layer of protection, especially against phishing attacks and account takeovers.

5. Educate on Common Scams

Older adults are often targeted through phone calls, emails, and even text messages. Some of the most common scams include:

Grandparent” scams – someone pretending a grandchild is in trouble and needs money

Government impersonator scams – posing as the IRS, Social Security, or Medicare

Tech support scams – claiming a virus is on their device

Sweepstakes and lottery scams – promising fake prizes with up-front fees

6. Limit Access to Personal Information

Help limit the amount of personal information shared online or over the phone. Remind them: banks and government agencies “will never” call or email asking for full Social Security numbers, account numbers, or passwords.

Rule of Thumb: When in doubt, don’t give it out.

7. Use Account Controls and Permissions

Some banks offer joint accounts or account monitoring tools that allow a trusted family member to help oversee activity, without giving full access. Explore whether a view-only setup or alerts provide the peace of mind you need.

8. Report Fraud Immediately

If your loved one suspects they’ve been scammed, time is critical. Report the fraud to the bank, credit card issuer, or appropriate government agency immediately. Many scams go unreported because of fear or shame. Reassure them that it’s okay to speak up.

We’re Here to Help

At Country Bank, protecting our customers, especially seniors, is one of our top priorities. If you or a loved one needs guidance, our team is ready to help educate, establish protections, and be a trusted partner in achieving financial wellness.

Because making a difference means more than offering great products—it means standing by the people we serve.