Keep an older person's money in a separate account, and set a rule that large payments need two people to confirm

Cost

Free. Talk it over once with the family and settle on an amount. The hard part is how to bring it up without making the older person feel you are guarding against them.

What you get

When the Supreme People's Procuratorate (最高检) released typical cases of fraud against the elderly in 2022, it said that this kind of crime first wins trust with small favors and family-style care, and then uses false advertising and promises of high returns to take large sums. In one case, a company selling fake collectibles sent employees to clean an older person's home and chat with them, and even set up informal godparent–godchild ties with them (认"干亲"). When it sold goods, it sealed them in black bags and told the older person not to open them, so that the older person's family would not find out. The company took in more than 1,920,000 yuan (192万余), and the owner was sentenced to 7 years and 6 months for the crime of fraud by illegal fund-raising (集资诈骗罪). In 2023, the Beijing Local Financial Regulatory Bureau (北京市地方金融管理局) reminded older people not to believe a scammer's "don't tell anyone." When you are unsure, talk it over with family, children, and trusted neighbors and friends, and ask your family's opinion before investing. The U.S. Federal Trade Commission counts that the total reported lost by people aged 60 and over rose from about 600,000,000 USD (6亿) in 2020 to about 2,400,000,000 USD (24亿) in 2024. The rise came mainly from cases with a single loss of more than 100,000 USD (10万). Agreeing beforehand that "any payment above a certain amount gets mentioned to a particular person first" lets the family know before the money goes out, and also pushes the decision back a little.

Notes

No study has compared how much less often families with this rule get scammed. It is rated B because the scam patterns and "talk it over with family" come from procuratorates and financial regulators, which is the same kind of source as §17.6 (living off your home). A person who is excited is more easily talked into things; see §17.4 ("I have to go home and talk it over with my family"). For general scam prevention, see §8 and §13. Don't present this as "I'm afraid you'll be scammed." Presenting it as "the family's money is recorded together" is easier for older people to accept. Also don't hand all of the older person's money to the children to keep, because that leads to another kind of dispute.

Evidence grade

B : Supported by research but without a precise number, or based on small or single studies.

Sources

1. 最高人民检察院 (2022). 最高检发布打击整治养老诈骗犯罪典型案例（许某燕集资诈骗案及答记者问）. https://www.spp.gov.cn/xwfbh/wsfbt/202206/t20220617_560010.shtml
2. 北京市地方金融监督管理局 (2023). 揭秘专骗老年人新套路 提高防骗意识 守护好「钱袋子」. https://jrj.beijing.gov.cn/jrxcjy/jraq/ffffjzxkt/202311/t20231127_3310210.html
3. Federal Trade Commission (2025). FTC Issues Annual Report to Congress on Agency's Actions to Protect Older Adults（Protecting Older Consumers, 2024-2025）. https://www.ftc.gov/news-events/news/press-releases/2025/12/ftc-issues-annual-report-congress-agencys-actions-protect-older-adults

Translated from the Chinese original. Original book, section 17, tip 3. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer