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Early Financial Decisions – Protecting a Senior’s Finances Before It’s Too Late

Why it matters
 
Financial fraudsters increasingly target older people with more and more sophisticated methods. There have been cases where seniors lost large sums, even their homes:
 
  • a “phone call from a son” asking for an urgent transfer,
  • an “official” reporting a supposed debt,
  • a “new neighbour” requesting immediate cash.
 
 
A true story
 
A carer overheard her elderly lady’s phone conversation. Something in the caller’s tone raised suspicion. She took over the call, interrupted it, and immediately phoned the real son. He came at once and explained that it was a scammer impersonating him, asking for money. The elderly woman was shocked: “But it sounded exactly like my son’s voice.”
 
A new threat – artificial intelligence
 
Today, fraudsters can use AI to copy a family member’s voice and even their way of speaking. Such a call sounds so convincing that a senior has no reason to doubt it.
 
That is why warnings alone are not enough. Clear rules must be set:
 
  • how to verify requests for transfers or withdrawals,
  • what amounts can be withdrawn without consultation,
  • in which situations another family member must always be called.
 
 
How banks can help
 
  • an additional account with limited funds for daily expenses,
  • automatic transfer of larger sums to a savings account with restricted access,
  • two-step verification – e.g. SMS codes sent to a family member’s phone,
  • withdrawal and transfer limits requiring extra authorisation.
 
 
How to prepare a senior for a financial conversation
 
Speak with care, not suspicion – emphasise safety, not loss of control.
 
Define the purpose of the bank visit – e.g. “We want to set safeguards so that no stranger can withdraw your money.”
 
Involve an expert – financial adviser, lawyer, or insurance agent. A neutral professional builds trust.
 
Establish clear rules – who has access to the account, what the limits are, what to do if someone asks for a large sum.
 
Remind regularly – especially if the senior rarely uses the bank or technology.
 
 
5 steps to protect a senior’s finances
 
  1. Choose a calm moment – ideally before illness appears.
  2. Explain the purpose – protection from fraud, not loss of independence.
  3. Introduce safeguards at the bank.
  4. Write down the rules and inform the family.
  5. Monitor and update arrangements as needed.
 
Conclusion
 
Money talks can be challenging, but early arrangements protect both the senior and the family from preventable dramas.
 
This is not a restriction – it is protection and the assurance that the loved one will always be safe.
 
“We want to make sure no stranger can harm you. This gives you peace of mind and the certainty that your decisions will be respected.”
 
It is also important not to keep large amounts of cash at home. In situations of illness or confusion, a senior may easily be manipulated into handing money to the wrong person. It is safest to keep savings in the bank, where appropriate safeguards and limits can be set.
 
 

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