How to Protect Your Older Family Members from Scams

Summary

Rachel Wilson, Morgan Stanley's Chief Data Officer, shares practical advice on protecting older adults from scams, emphasizing the need to stop and verify before acting on urgent requests.

• Scammers often create urgency to short-circuit judgment, using calls or emails claiming locked accounts or family emergencies.
• Caller ID can be spoofed to appear as legitimate organizations; never share passwords or one-time passcodes over the phone.
• Avoid clicking links or downloading attachments from unexpected messages; instead bookmark official banking and investment sites.
• Romance scams build trust over weeks or months before asking for money; encourage open conversations about new online relationships.
• Red flags include unusual withdrawals, missing valuables, or unexplained charges on financial accounts.
• Adding a trusted contact to financial accounts allows institutions to flag unusual activity and potential exploitation.
• The core message: stop and verify any financial decision made under pressure, and cross-check with a trusted person using official contact information.