5 steps to protect your finances from family scams

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You’d like to believe no one in your family could ever scam your parents. But what if the danger isn’t a stranger at all? What if it’s someone they already trust? What if it’s even your sibling or an estranged uncle in need of money? According to the AARP, seniors in America lose over $28 billion every year to fraud.

Shockingly, 70% of it comes from people they know — family members, neighbors, caregivers and "friends."

If you’ve got aging parents or grandparents, it’s time to take action. People in your circle can cause serious financial damage, known as family fraud, if you’re not careful. And, worse yet, almost 90% of family fraud doesn’t get reported by seniors due to shame, fear and potential repercussions. Here’s a simple five-step plan to protect your loved ones before someone you thought you could trust takes advantage of them.

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A parent typing on a laptop  (Kurt "CyberGuy" Knutsson)

Step 1: Understand how family fraud puts your parents at risk

It’s not just shady scammers in faraway places. Most elder fraud happens close to home. These fraudsters know eerily specific details about seniors, their children, grandchildren, past occupations and even retirement funds.

The most common cases involve:

Reconnection: Estranged relatives suddenly reconnecting with hidden motivesIdentity theft: Family members using your loved one's name, Social Security number or credit cardsFriend-stalking: Casual acquaintances digging for personal info to exploit

If your family has tension, estranged members or unresolved drama, your parents could be prime targets. Recognizing this risk is the first essential step to prevention.

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Step 2: Protect your parents by locking down their personal data

Data broker sites sell seniors’ personal information by the bundle. We’re talking phone numbers, emails, home addresses, income estimates and even political views, all listed online for pennies. Armed with those details, scammers can impersonate a relative, hack an account or manipulate your loved ones over the phone.

Think about how easy it is for an estranged family member to get updates about your parents’ lives and financial status. Limit how much your parents share online or delete such information to prevent it from appearing on people search sites. Ultimately, controlling what's available online is one of the most effective ways to protect seniors from identity theft, fraud and unwanted contact.

A parent typing on a laptop  (Kurt "CyberGuy" Knutsson)

Step 3: Remove your parents’ personal data from the internet

The good news is that you can protect your elderly family members from a lot of trouble. Start by searching for your parents' names on Google. If their phone number or address appears on shady people search sites, have it removed. The problem is that there are hundreds of these data broker sites, and most make it a nightmare to opt out.

That’s where a personal data removal service comes in. They automatically contact these data brokers and force them to delete personal information, including your parents’.

It works in the background and covers dozens of the worst offenders. I personally use it for my family, and it’s one of the smartest, simplest ways to keep personal data out of the wrong hands.

While no service can guarantee the complete removal of your data from the internet, a data removal service is really a smart choice. They aren’t cheap, but neither is your privacy.  These services do all the work for you by actively monitoring and systematically erasing your personal information from hundreds of websites. It’s what gives me peace of mind and has proven to be the most effective way to erase your personal data from the internet.  

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

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Check out my top picks for data removal services and get a free scan to find out if your personal information is already out on the web by visiting Cyberguy.com/Delete

Get a free scan to find out if your personal information is already out on the web: Cyberguy.com/FreeScan

Step 4: Unlist your parents’ phone numbers to block scammers

One of the easiest ways for scammers to reach and manipulate seniors is through phone calls. A friendly voice claiming to be a long-lost cousin or someone pretending to be a financial advisor goes a long way. If your parents’ landline or cell number is publicly listed, it’s a ticking time bomb.

You can:

Contact their phone provider and request that the number be unlistedRemove their number from online directories (A personal data removal service can do this too)Consider getting them a new number and keeping it private.

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

A parent typing on a laptop  (Kurt "CyberGuy" Knutsson)

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

Data removal tools, such as Incogni, should be your first line of defense. But for additional peace of mind, you can add free tools like credit freezes and bank alerts. Identity monitoring services can also alert you if your parents’ Social Security number, name or financial accounts are being misused.

See my tips and best picks on how to protect yourself from identity theft at Cyberguy.com/IdentityTheft 

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Kurt’s key takeaways

Family fraud is one of those ugly, uncomfortable topics we tend to avoid. But trust me, the regret of not acting is far worse. Start today and remove your parents’ personal data from the web. Remember to unlist their phone number and lock down their sensitive information. Every measure helps your parents maintain control over their finances.

How comfortable do you feel discussing financial safety and privacy with your older relatives? What challenges have you faced in starting these conversations? Let us know by writing us at Cyberguy.com/Contact

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Kurt "CyberGuy" Knutsson is an award-winning tech journalist who has a deep love of technology, gear and gadgets that make life better with his contributions for Fox News & FOX Business beginning mornings on "FOX & Friends." Got a tech question? Get Kurt’s free CyberGuy Newsletter, share your voice, a story idea or comment at CyberGuy.com.