Scams just seem to get more common every day. Emails, texts, phone calls, and social media messages come to us on a regular basis, trying to trick us. But it’s especially upsetting when the scammers come for our parents.
Often, older people aren’t as internet-savvy as others. They are often more trusting, which makes them prime targets for scammers. The FBI reports that complaints of elder fraud went up by 14% in 2023. Scams specifically targeting people over 60 caused over $3.4 billion in losses.
Being a victim of a scam can cost more than money. It can also make your parents feel embarrassed and less safe on the internet. However, using simple tools, including a Canadian VPN, can go a long way toward keeping your parents safe while they browse.
Let’s look at some ways you can protect your elderly parents from financial scams.
Recognizing the Most Common Financial Scams
The first step to protecting your parents is knowing how to recognize a scam when you see one. That way, you can help them be on their guard and watch out for these common tricks.
- Phone and Tech Support Scams. Fraudsters often pose as Microsoft or Apple support and tell the victim their computer has a virus. They often do this by calling on the phone. Once they have convinced the target, they may request remote access to their computer to steal information. Or they may request payment for fraudulent services.
- Phishing Emails and Texts. This scam relies on a criminal pretending to be a legitimate authority, often a bank, the Canada Revenue Agency, or a shipping company like UPS or Amazon. The criminal will send a link for the victim to click on, which will take them to a website that looks genuine. But actually, it’s a fake, set up by the scammer to steal information.
- Romance and Companion Scams. It’s a sad fact that many seniors are lonely and may have lost their partner. So scammers make fake profiles on social media or dating platforms and start an online relationship with the victim. Once they have established a relationship, they will then ask for money.
- Grandparent Scams. Some scammers will pretend to be the grandchildren of elderly people. They will make up a story about how they are in trouble somewhere and need money sent to them.
- Lottery or Prize Scams. Victims are told they have won the lottery or some other contest. But to get their money, they need to pay taxes or processing fees first. Once they pay the fees, the scammers disappear.
Beating The Scammers
Educating your parents on common scams can help them be more wary. Here are some tips to help protect them online:
Establish Frequent Communication
One reason scammers target elderly people is that they are often lonely. Talking with your parents frequently encourages them to tell you if they have had any suspicious calls or emails lately.
Encourage your parents to talk to you before sending money to anyone, and to share strange emails, texts, or calls. You could even establish a family code word for emergencies so that scammers can’t trick them by impersonating relatives.
Simplify Things
Scammers rely on elderly people's lack of familiarity with how their devices work. Limiting unnecessary apps, setting up password managers, and creating email folders help parents stay organized and feel confident online.
Use Technology
Technology can cause some problems, but it can also solve them. For example, you can create email filters to catch common phishing attempts. Or enable call screening to block unknown numbers. Keeping devices updated with reliable antivirus software can also help thwart scammers.
A virtual private network (VPN) is also a great way to help protect your older parents. It hides their IP address while they browse and encrypts their internet traffic, making it much harder for anyone to intercept their data. Many VPNs also include features that automatically block malicious or suspicious websites.
Use Banking Safeguards
Many banks will help you monitor for unusual activity. You can get spending alerts for transactions over a certain amount or ask for dual authorization for large transactions. This solution helps your parents maintain independence while giving you some level of control.
Create a “Safe to Share” vs. “Never Share” List
Help your parents avoid giving away sensitive details. You could make a simple chart that they can put on the fridge or keep somewhere handy. It can remind them what is safe to share and what they shouldn’t.
- Safe to Share: First name, mailing address (when necessary)
- Never Share: SIN, full bank account numbers, passwords, PINs, verification codes
Prepare a Scam Response Plan
Having a response plan helps you and your parents know what to do if they fall victim to a scam. Here are some important actions to take:
- Contact the bank or credit card company immediately to freeze compromised accounts.
- Report the scam to the Canadian Anti-Fraud Centre (CAFC) for documentation and investigation.
- Change all affected passwords and consider adding two-factor authentication.
- Run a security check and antivirus scan on devices to remove any malware or keyloggers.
Encourage Ongoing Learning
Online scams are always evolving, so encourage your parents to keep developing their scam-spotting skills. You can sign them up for antifraud newsletters or encourage them to take classes on how to use their computers. These steps will help them feel more confident online and less dependent on you.
Protecting Your Parents
As parents age, it's almost inevitable that we switch from having them protect us to the other way around. The internet can be a real lifeline for seniors, but it's important to help them understand its risks.
Installing a VPN on your parents' devices is the first step you should take to protect against malware, phishing, and fraud. Then, educating them about common scams can help them enjoy their golden years online with confidence and peace of mind.
