Financial scammers often target parents with dementia because they may be more vulnerable to manipulation and less able to recognize fraud. To stop these scammers, it is important to take several protective steps that involve both prevention and monitoring.
First, educate yourself and your parent about common scams. Scammers use tactics like fake tech support calls, phishing emails, and urgent warnings that money is at risk. They often pose as trusted authorities such as banks or government officials to pressure victims into transferring funds to accounts controlled by criminals. Understanding these tactics helps in recognizing suspicious contacts before any damage occurs[3].
Next, work with your parent’s bank to set up safeguards. Many banks now offer special programs designed to protect seniors and support caregivers. These include blocking certain types of transactions, such as recurring purchases from shopping channels or gambling sites, and requiring secondary approval for large transfers or payments. Some banks provide caregiver access to accounts so trusted family members can monitor activity and intervene if needed[1].
It is also crucial to limit your parent’s exposure to unsolicited calls and emails. Encourage them never to share personal or financial information over the phone unless they initiated the contact and can verify the identity of the requester. If they receive suspicious messages, report them immediately to authorities or the bank. The National Elder Fraud Hotline is a valuable resource for reporting scams and getting help[5].
Monitoring your parent’s finances regularly can catch problems early. Look for unusual withdrawals, missing funds, or unexpected purchases. If you notice anything suspicious, contact the bank and law enforcement promptly. In some cases, scammers have been caught stealing large sums from elderly victims with dementia, including through insider fraud by trusted individuals[2].
Finally, be sensitive to your parent’s feelings. Dementia can make them distrustful or confused, especially if they realize their money is disappearing. Approach conversations with patience and care, emphasizing that your goal is to protect their independence and security. Scammers often exploit emotional vulnerabilities, so maintaining open communication is key[4].
Sources
https://thefinancialbrand.com/news/digital-banking/how-banks-can-help-block-elder-fraud-194189
https://www.justice.gov/usao-ri/pr/massachusetts-man-charged-and-detained-ongoing-elder-fraud-investigation
https://www.careworkshealthservices.com/online-safety-for-seniors/
https://www.kuer.org/arts-culture-entertainment/2025-11-18/elder-scams-are-horrible-says-utah-filmmaker-his-heartbreak-became-sweepstakes
https://www.comfortinghome.com/posts/how-to-stay-safe-from-scams-that-target-older-people
