If Mom and Dad's bank spots fraud, who gets the call?
Look Twice | Tuesday, October 27, 2026
Good morning.
Going around now: the fake call from the bank
Americans 60 and older reported losing about $3 billion to fraud in 2025. That's up 25% in one year, CNBC reports on a new FTC report. One common trick: a caller poses as a bank or a government agency. They say the money is in danger. Then they tell the victim to move it, mail cash or put it into a crypto ATM.
Already sent money? Call the bank right away, using the number on the card.
Your 2-minute fix: become your parents' trusted contact
A trusted contact is someone a brokerage or bank can call if it suspects fraud. FINRA says this person gets no power over the account. They just get the call.
Do this today:
Ask Mom and Dad to add a trusted contact to their brokerage or retirement accounts. You, or someone they trust.
Ask about their bank too. Many banks ask for a trusted contact now.
Agree on one house rule: if a caller says your money isn't safe, hang up. Then call the number on the card.
If a scam already happened, don't blame them. An expert told CNBC that victims already blame themselves.
Quick alerts
A fake virus pop-up, then a courier at the door. An 84-year-old in Michigan saw pop-ups saying the computer had a virus, Moneywise reports. The number on screen led to a caller who claimed explicit material was found. The victim handed a courier $28,000 in cash. When the caller asked for $28,000 more, the victim called police. A man was arrested. Never call a number in a pop-up.
Investment scams cost older adults the most. Reported losses passed $1 billion in 2025, up 42%, CNBC reports. They often start with a social media ad or someone posing as a financial advisor.
Forward this to Mom and Dad
Mom, Dad, if anyone says your money isn't safe and you need to move it, hang up. Call the number on your card, then call me. Can we add me as your trusted contact at the bank?
One question
Do your parents have a trusted contact on their accounts? Yes, no, or not sure?
Just hit reply. We read every one.
How was today's issue?
From the Look Twice editors. Every fact links to its source. Got a scam we should cover? Just reply.
