Watch the full Youtube video Series: How To Have A Conversation With Your Parents: How To Prevent Fraud And Scams?
Unfortunately, there are a number of people that will try to scam others, and in particular can be known to target vulnerable groups like the elderly. In order to help with this, Chris from Cervello has developed three really simple pieces of advice you can share with your parents which will protect them from fraud and scams.
Recommend to your mum and dad that they never ever talk to anyone about anything financial (including tax) from an unsolicited call. It’s recently been made illegal for firms to make cold calls about pensions and the HMRC certainly don’t make contact over the phone. However these people are very well trained and often sound very believable. The most important thing to instill in your loved ones is that if a call is ever received from someone unknown regarding anything financial, immediately hang up.
Secondly, encourage your mum and/or dad to speak to someone for advice if they’re not sure or feel uncomfortable about anything. Us Brits have often got a tendency not to talk about money but actually it’s important and it isn’t talked about enough. If a loved one is worried about financial issues, the best thing to do is to open up and talk about their concerns. Scams can be avoided if the issue is caught early before the person who is being scammed takes action. But intervention does require communication and this means ensuring that your mum and dad are comfortable enough to tell you if something is going on.
If your mum and dad do need advice on financial affairs, make sure you’ve done your due diligence. Ask to speak to some of the advisers existing clients, check online for reviews and ask people you trust for recommendations. That means that if and when you do need advice, you’re getting it from a trustworthy source.
Follow these three simple rules and this should help protect your mum and dad from the majority of scams and fraud.
Cervello Financial Planning
07792 790 058
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