Supporting aging loved ones involves more than just managing their daily needs—it's also about protecting them from potential financial exploitation. With older adults losing over $3 billion annually to scams, it's crucial to create a safe environment for your parents or relatives. Here are some practical steps you can take to help minimize their risks while supporting their independence.

Educate Your Loved Ones on Scam Red Flags

One of the best defenses against financial scams is knowing what to watch out for. Help your parents recognize these common warning signs:

• Requests to wire money or pay with prepaid cards

• Unsolicited calls claiming to be from government agencies

• Emergency calls from "grandchildren" needing cash urgently

• High-pressure sales tactics or "limited time" offers

• Promises of risk-free, high-return investments

Staying informed about the latest scams can help your family avoid falling victim to fraudsters.

Reduce Unwanted Solicitations

Limiting exposure to potential scams can significantly reduce risk. Consider these steps:

• Register phone numbers on the National Do Not Call Registry

• Set up call blocking on phones

• Opt out of junk mail through DMAchoice.org

Keeping track of these efforts and storing important contact information in your secure Tender Vault for easy reference can help manage unwanted communications across multiple platforms.

Block Spam Calls on Your Phone

Protecting your loved ones from phone scams starts with reducing unwanted calls. Here's how to set up call blocking on different types of phones:

For iPhones:

• Go to Settings > Phone

• Tap "Silence Unknown Callers" to turn it on

For Android phones:

• Open the Phone app and tap More > Settings > Blocked numbers

• Turn on "Block calls from unidentified callers"

For landlines:

• Contact the phone service provider to inquire about call-blocking services

• Consider purchasing a call-blocking device that connects to your phone

Remember, no method is 100% effective, but these steps can significantly reduce unwanted calls.

Monitor Financial Accounts

Regular account monitoring is crucial for catching fraud early. Help your parents:

• Set up online access for all financial accounts (you can store login info right in Tender!)

• Review account activity regularly

• Set up alerts for suspicious transactions

These practices provide peace of mind and allow you to stay informed without overstepping boundaries.

Manage and Cancel Subscriptions

Review and manage the subscriptions coming into the house:

• Go through bank and credit card statements to identify recurring charges (Pro tip: do this on the regular!)

• Cancel subscriptions for services they no longer use or need

These steps can prevent unnecessary expenses, potentially saving hundreds of dollars over time.

Establish Legal Protections

One of the most effective ways to safeguard your parents' finances is through proper legal documentation. Consider:

• Getting a comprehensive legal assessment to identify needed documents

• Using Tender's Legal Assessment, you can create a durable Power of Attorney in the app if you need to put one in place. You can also get it notarized on Tender.

• Ensuring all critical legal documents are correctly notarized

Having these protections in place can prevent exploitation and ensure your parents' wishes are honored.

Manage Credit Cards and Bank Accounts Wisely

Help your parents streamline and secure their financial accounts:

• Identify which credit cards are essential and which can be safely closed

• Set up daily spending limits on credit cards and ATM withdrawal limits

• Create alerts for large or unusual transactions

Customizing these safeguards can create a safety net while respecting your parents' independence.

Secure Important Documents & Valuables

If you're not living with your loved ones, take these additional precautions:

• Upload copies of everything to Tender!

• Invest in a safe deposit box for physical copies of important documents and valuable items

• Alternatively, purchase a fireproof home safe for any documents requiring regular access

• Keep an inventory of valuable items and their locations – this is a perfect use of the Notes feature in Tender

Vet Financial Professionals

Unfortunately, even some "professionals" may try to take advantage of older adults. Help protect your parents by:

• Researching the background of financial advisors

• Taking notes during meetings with professionals

Preparing important questions about credentials and feesFoster Open Communication

Maintaining open, judgment-free communication is the most crucial step in protecting your parents. Encourage regular discussions about:

• Recent financial decisions or concerns

• Any unusual phone calls or requests they've received

• Their overall financial goals and values

Remember, the goal is to empower your parents while offering support. By taking these steps, you can create a strong awareness, monitoring, and legal protection foundation. While you can't prevent every scam attempt, you can significantly reduce the risk and help your loved ones feel more secure in their financial decisions.

Tender is here to help you navigate this journey, providing tools and resources to support your family's unique needs. Together, we can help you care smarter for the people who matter most.