Keep the elderly person’s money in a separate account and set a rule requiring two people to approve any large withdrawals

3. Keep the elderly person’s money in a separate account and set a rule requiring two people to approve any large withdrawals

Cost: This costs nothing. You only need to discuss it once with family members and agree on a spending limit. The real challenge is how to bring it up without making the senior feel you’re trying to restrict them.

In plain terms: Scammers targeting seniors for health products, collectibles, or financial schemes all follow the same pattern: they spend months building rapport, then strike all at once. By establishing a rule that any withdrawal above a certain amount must be approved by another person, you effectively delay the spending decision until the initial impulse fades.

Benefit: Most scams aimed at older adults rely on building trust over weeks or months before making a large financial demand. Setting a rule that requires a second person’s approval for any sizable expenditure helps delay that decision, reducing the chance of impulsive, costly mistakes.

Evidence grade: C

Sources: Author’s experience, no direct literature; see Sections 8 and 13 for general anti-fraud rules

Notes: Frame this not as “protecting them from fraud” but as “keeping household finances organized.” That approach is far easier for seniors to accept. Also, avoid moving all of their money into a child’s account — doing so can lead to entirely different kinds of disputes.