GREENSBORO, N.C. — Mom and dad protected you when you were growing up. But as they get older, it's your job to protect them. Our parents become targets for scammers as they age.
U.S. banks reported more than 24,000 cases of elder financial abuse last year. To help stop it, FINRA, an agency overseeing brokers, now requires customers to provide the name of a trusted contact. The broker can reach out to the person if the client is suddenly withdrawing large sums of money and can place a hold for 15 days.
But you can help keep mom and dad safe as well.
- Start the conversation with your parents about money. Know their circle of friends, new ones could be a risk.
- Set up checks and balances. Legal forms like a will, HIPPA release form, and power of attorney, can let you pay bills, manage finances, and make medical decisions if they can't.
- Finally, help your parents streamline their finances. Get a list of their CDs and accounts in various places so you don't lose track of the money.