Have you ever had to take the car keys away from someone you love? The most painful thing I did as a daughter was insist that my dad stop driving. It was such a sad acknowledgement of diminished capability. Things were not going to get any better from that point on.
The signs of driving impairment are visible. How about the signs of decline in the ability to manage finances? Unfortunately, a decline in this ability can be obscured by younger family members' reluctance to talk about money, to snoop, or to imply that help may be needed. A decline in financial judgment is an early sign of dementia. Just like giving up driving, handing over the financial keys can be emotionally difficult.
That raises today's questions: Within your own family, do you have the information you need to help beloved relatives as they age? People tend to worry about wills, but what about legal documents to keep family members safe in later life? And how can you stay current on financial challenges and changes?
In 2023, Americans over the age of 60 were scammed out of more than $3.4 billion, according to the FBI's most recent Elder Fraud Report 
. Those reported losses were nearly 11 percent higher than they were in 2022. Investment, tech support, email, and romance scams were the most common among the schemes outlined in the report.
I've had not one but two hair-raising experiences in 2024 where people I love were the target of scammers or faced challenges understanding their finances. In one case, during a "happy birthday" phone call, I learned that my relative was in the midst of responding to a tech support scam. "I'm going to go to jail," they said. In another situation, a phone call with an older family member revealed an abrupt decision to change an investment mix and account authorizations. Each case involved people who live far from family.
In both instances, regular check-ins via voice calls made it possible to intervene in time to prevent my relatives from being scammed. It wasn't a formal conversation about fraud prevention or family finances; rather, it was periodic contact with people who live alone.
Take On Payments has been posting about elder fraud for nearly 15 years, including these tips for seniors from 2011. The Consumer Financial Protection Bureau has four webinars available to help financial institutions serve older consumers, with a focus on fraud prevention tools. The Federal Trade Commission (FTC) provides training resources for financial institutions and consumers. The FTC also just issued its latest report detailing the agency's efforts to protect older adults against scams.
Here are a couple basic ways you can assist your elders: Visit annualcreditreport.com and help them review their credit report. Also consider helping them apply credit freezes at the three major credit rating bureaus.
To all this, I'll add the time-honored advice, "Call your mother!" (Or grandfather, aunt, or first cousin once removed on your dad's side.) Scammers build trust and sometimes only a loved one can help a potential victim pull away. Please pick up the phone.
By Claire Greene, center director, Atlanta Fed Payments Forum