Protecting Parents: 5 Steps to Prevent $28B in Family Fraud

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It’s a common belief that no one in your family would ever deceive your parents. However, what if the threat comes from someone they already trust? It could even be a sibling or estranged uncle in need of money. According to the AARP, seniors in the United States lose more than $28 billion annually to fraud.

Surprisingly, 70% of this fraud is committed by people they know – family members, neighbors, caregivers, and “friends.”

If you have aging parents or grandparents, it’s crucial to take action. People within your social circle can cause significant financial harm, known as family fraud, if precautions are not taken. Alarmingly, almost 90% of family fraud cases go unreported by seniors due to shame, fear, and potential backlash. Here is a simple five-step plan to safeguard your loved ones before someone you trusted takes advantage of them.

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A parent typing on a laptop (Kurt “CyberGuy” Knutsson)

Step 1: Recognize how family fraud endangers your parents

It’s not just unknown scammers from distant places. Most elder fraud occurs close to home. These fraudsters possess eerily specific information about seniors, their children, grandchildren, past careers, and even retirement funds.

The most common scenarios include:

  • Reconnection: Estranged relatives suddenly reconnecting with hidden motives
  • Identity theft: Family members using your loved one’s name, Social Security number, or credit cards
  • Friend-stalking: Acquaintances digging for personal information to exploit

If your family has unresolved tension, estranged members, or lingering drama, your parents could be vulnerable targets. Acknowledging this risk is the first crucial step towards prevention.

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Step 2: Safeguard your parents by securing their personal data

Data broker websites sell seniors’ personal information in bundles. This includes phone numbers, emails, home addresses, income estimates, and even political views, all available online for minimal costs. With this information, scammers can impersonate a relative, hack an account, or manipulate your loved ones over the phone.

Consider how easy it is for an estranged family member to acquire updates about your parents’ lives and financial situation. Limit the amount of information your parents share online or delete such details to prevent them from appearing on people search platforms. Ultimately, controlling their online presence is one of the most effective ways to shield seniors from identity theft, fraud, and unwanted contact.

A parent typing on a laptop (Kurt “CyberGuy” Knutsson)

Step 3: Erase your parents’ personal data from the web

The positive news is that you can shield your elderly family members from various troubles. Begin by searching for your parents’ names on Google. If their phone number or address is listed on dubious people search websites, have it removed. The challenge lies in the multitude of these data broker sites, with most making it difficult to opt-out.

This is where a personal data removal service proves valuable. They automatically contact these data brokers and ensure the deletion of personal information, including your parents’.

While no service can guarantee complete removal of your data from the internet, a data removal service is a wise investment. They handle the work for you by actively monitoring and systematically erasing your personal information from numerous websites. This provides peace of mind and is proven to be the most effective method for erasing personal data from the web.

By limiting the available information, you reduce the risk of scammers cross-referencing data from breaches with details they might find on the dark web, making it harder for them to target you.

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Step 4: Remove your parents’ phone numbers to thwart scammers

One of the simplest ways for scammers to reach and manipulate seniors is through phone calls. A friendly voice claiming to be a long-lost cousin or a person posing as a financial advisor can go a long way. If your parents’ landline or cell number is publicly available, it poses a risk.

You can:

  • Contact their phone provider and request that the number be unlisted
  • Remove their number from online directories (A personal data removal service can assist with this)
  • Consider obtaining a new number and keeping it private.

The fewer ways fraudsters have to reach your loved ones, the better.

A parent typing on a laptop (Kurt “CyberGuy” Knutsson)

Step 5: Monitor your parents’ identity to detect fraud early

Data removal tools, such as Incogni, should be your primary defense. Additionally, you can use free tools like credit freezes and bank alerts for added peace of mind. Identity monitoring services can notify you if your parents’ Social Security number, name, or financial accounts are being exploited.

Refer to my recommendations and top picks for safeguarding yourself against identity theft at Cyberguy.com/IdentityTheft

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Kurt’s Main Points

Family fraud is a challenging and unpleasant topic that many tend to avoid. However, the regret of inaction far outweighs the discomfort. Start today by removing your parents’ personal data from the web. Remember to unlist their phone number and secure their sensitive information. Each step taken helps your parents retain control over their finances.

How comfortable are you discussing financial safety and privacy with your elderly relatives? What obstacles have you encountered in initiating these discussions? Share your thoughts with us at Cyberguy.com/Contact

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