General information only, not legal or financial advice for any specific person. For powers of attorney or account ownership changes, talk with an attorney or the bank.
Bank and card transaction alerts
Most banks and card companies can send a text or email for withdrawals, large purchases, password changes, or new payees. Alerts can go to your parent and, with their consent, a family member.
A trusted contact at the bank
Many banks and brokerages let account holders name a trusted contact person. The firm can reach that person if it suspects fraud or cannot reach your parent. A trusted contact cannot move money or make decisions on the account.
Freeze credit at the three bureaus
A credit freeze stops new accounts from being opened in your parent's name. It is free and must be placed separately with Equifax, Experian, and TransUnion. It can be lifted temporarily when your parent needs to apply for credit.
Password habits and a password manager
- Use a different password for each important account.
- Consider a password manager so only one strong password must be remembered.
- Turn on two-step verification for email and banking.
- Never share codes sent by text with anyone who calls.
Mail and phone call habits
- Shred statements and offers with personal information.
- Let unknown calls go to voicemail, and call back on official numbers only.
- Register with the National Do Not Call Registry to reduce legitimate sales calls.
- Agree that no money is sent because of a call, text, or email without talking to someone first.
Watch for sudden changes
- Unusual withdrawals, checks, wire transfers, or gift card purchases.
- New "friends," helpers, or romantic interests involved in finances.
- Unpaid bills or shutoff notices when money should be there.
- Changes to wills, accounts, or beneficiaries that seem out of character.
Learn the common patterns in our guide to scams targeting seniors, including where to report in Illinois.