Set up safeguards together, before a scam

Plan with them, not for them

An adult who manages their own money has the right to make their own decisions, including ones you disagree with. Safeguards work best when you agree on them together and present them as protection for the whole family.

Habits that interrupt a scam

• Agree on a pause rule: no payment to anyone who called, texted, or emailed first until it is verified by hanging up and calling a number you already have.
• Create a family code word or phrase to confirm a real emergency. The FBI recommends this because voices and videos can now be faked.
• Write down the bank’s real fraud number and keep it somewhere easy to find.
• Remember together that a bank will not ask anyone to send money to themselves to stop fraud.
• Keep social media profiles private to limit what scammers can learn about the family.

Ask the bank what it offers

In December 2024, federal and state regulators described practices that can help protect older customers, such as letting them name trusted contacts that staff can reach when exploitation is suspected, and using transaction holds when appropriate. These are not requirements, and availability varies by institution, so ask directly.

• Can a trusted contact be added to the account? What would you share with them?
• Can payment alerts go to a family helper as well as the account holder?
• Can person-to-person payment limits be lowered, or the feature turned off?
• Is there separate view-only access for a helper?
• Never use the account holder’s password or one-time codes. A separate, authorized access path protects both of you.

Formal authority, if it is needed

If someone needs help managing money, legal roles such as an agent under a power of attorney, a trustee, a court-appointed guardian, or a Social Security representative payee come with specific duties. The CFPB publishes free plain-language guides for each role, including how to keep their money separate from yours and keep good records.

This is general information, not legal advice. An elder law attorney or a local legal aid office can explain the options in your state.