7 Ways To Protect Yourself From Family Fraud in Retirement
7 Ways To Protect Yourself From Family Fraud in Retirement
Jordan Rosenfeld Thu, June 19, 2025 GOBankingRates
Older adults, particularly seniors, are especially vulnerable to financial fraud — but not all of it comes from strangers, scammers or people on the internet. Family members can also engage in financial fraud.
While no one wants to have to plan for such an outcome, being prepared is the best way to prevent it from happening in the future. Estate planning and fraud prevention experts offered some tips to protect yourself from family fraud in retirement.
Keep an Eye Out for These Red Flags
Unfortunately, perpetrators of financial abuse can be anyone, including caretakers, lawyers, business associates, new friends and even family members, according to Darius Kingsley, a fraud and scam prevention expert and head of consumer banking at Chase.
Here are several immediate red flags to watch out for:
Unusual financial activity: Signs that could point to financial abuse include unpaid bills, missing checkbooks, suspicious signatures, missing valuables and unexpected authorized users added to financial accounts. For any of these, contact your financial institution right away.
Changes in ownership and responsibility: If you notice changes to wills, power of attorneys or any other financial plans, it could be a sign of financial abuse.
Form a Team
Make a financial care plan and form a team of trusted individuals to help you take care of your money as you age, Kingsley said. This team can include family, friends, accountants, lawyers and social workers who can help support your future plans.
“You can also designate a trusted contact to help manage financial accounts if you cannot be reached,” Kingsley said.
Automate and Monitor Finances Regularly
Automate all the bills you can, so that you’re not relying on a single individual to handle your every transaction, Kingsley advised.
“It is easier to have control of what comes in and out of your account when you set up bill payments that can be monitored by you and people you trust.”
Protect Personal Information
If you’re still dealing with any paper, shred documents with sensitive personal information as soon as you’re done with them, Kingsley suggested. Consider switching to paperless communications to avoid your personal information getting into the wrong hands.
Additionally, set up ongoing identity monitoring to alert you if there are changes to your credit report or if your information is found in a data breach or exposed on the dark web.
TO READ MORE: https://www.yahoo.com/lifestyle/articles/7-ways-protect-yourself-family-120228305.html