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Five Steps to Protect Your Family from Financial Fraud

  • Writer: Whitaker Myers
    Whitaker Myers
  • 10 minutes ago
  • 2 min read

Financial fraud has grown more sophisticated alongside advances in artificial intelligence and digital technology. Criminals are increasingly using tools like voice cloning, realistic phishing messages, and social engineering tactics to pressure families into transferring money quickly.

Sound financial planning isn’t only about growing your investments—it’s also about protecting what you’ve already earned. The steps below can help reduce risk and strengthen your family’s financial safeguards.


Monitor account activity regularly

Reviewing your financial accounts frequently is one of the simplest and most effective ways to detect suspicious activity.


Set up alerts for:

  • Deposits and withdrawals

  • Large transactions

  • Password or profile changes


These real-time notifications allow you to respond quickly if something looks unusual.


Use two-factor authentication

Two-factor authentication (2FA) adds a critical second layer of protection beyond your password.


With 2FA enabled:

  • A login requires both your password and a one-time code or verification

  • Even if a password is compromised, unauthorized access is far less likely


Apply this protection to banking, investment, and email accounts whenever possible.


Add a trusted contact to financial accounts

Many financial institutions allow you to designate a trusted contact person. This individual cannot make transactions but can be contacted if unusual activity occurs or if there are concerns about potential fraud or cognitive decline.


This added safeguard can help prevent unauthorized transfers and ensure someone you trust is informed if issues arise.


Establish a Financial Power of Attorney

A financial power of attorney (POA) authorizes someone you trust to make financial decisions on your behalf if you become unable to do so.


This is especially important for:

  • Individuals approaching or in retirement

  • Families supporting aging parents

  • Situations involving illness or cognitive decline


A properly structured POA can help stop fraudulent transactions and provide oversight when it’s needed most.


Review beneficiaries and key documents annually

Legacy planning plays a major role in protecting your family.


Each year, review:

  • Beneficiary designations

  • Wills and estate documents

  • Property records and account information


Dave Ramsey and the Ramsey Solutions Team often emphasize having an annual “death talk” with family—an open conversation about accounts, documents, and where important information is stored. These discussions can reduce confusion, prevent lost assets, and ensure your wishes are carried out.


As a SmartVestor Pro firm, Whitaker-Myers Wealth Managers regularly sees how proactive planning helps families avoid costly mistakes and financial harm.


Final Thoughts

Protecting your finances requires the same intentionality as growing them. Fraud threats will continue evolving, but consistent monitoring, clear documentation, and trusted relationships can dramatically reduce your vulnerability.


If you haven’t reviewed your protections recently, consider scheduling a financial checkup to ensure your accounts, estate plans, and risk safeguards are aligned with your goals and your family’s needs.

 

Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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Whitaker-Myers Wealth Managers is an SEC-registered investment adviser firm. The information presented is for educational purposes only and intended for a broad audience. The information does not intend to make an offer or solicitation to sell or purchase any specific securities, investments, or investment strategies. Investments involve risk and are not guaranteed. Whitaker-Myers Wealth Managers reasonably believes that this marketing does not include any false or misleading statements or omissions of facts regarding services, investment, or client experience. Whitaker-Myers Wealth Managers has a reasonable belief that the content will not cause an untrue or misleading implication regarding the adviser’s services, investments, or client experiences. Please refer to the firm’s ADV Part 2A for material risks disclosures.

​

Past performance of specific investment advice should not be relied upon without knowledge of certain circumstances of market events, the nature and timing of the investments, and relevant constraints of the investment. Whitaker-Myers Wealth Managers has presented information in a fair and balanced manner.

​

Copyright (c) 2023 Clearnomics, Inc. and Whitaker-Myers Wealth Managers, LTD. All rights reserved. The information contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy cannot be guaranteed. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness, or correctness of the information and opinions contained herein. The views and the other information provided are subject to change without notice. All reports posted on or via www.clearnomics.com or any affiliated websites, applications, or services are issued without regard to the specific investment objectives, financial situation, or particular needs of any specific recipient and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not necessarily a guide to future results. Company fundamentals and earnings may be mentioned occasionally, but should not be construed as a recommendation to buy, sell, or hold the company's stock. Predictions, forecasts, and estimates for any and all markets should not be construed as recommendations to buy, sell, or hold any security--including mutual funds, futures contracts, and exchange traded funds, or any similar instruments. The text, images, and other materials contained or displayed in this report are proprietary to Clearnomics, Inc. and constitute valuable intellectual property. All unauthorized reproduction or other use of material from Clearnomics, Inc. shall be deemed willful infringement(s) of this copyright and other proprietary and intellectual property rights, including but not limited to, rights of privacy. Clearnomics, Inc. expressly reserves all rights in connection with its intellectual property, including without limitation the right to block the transfer of its products and services and/or to track usage thereof, through electronic tracking technology, and all other lawful means, now known or hereafter devised. Clearnomics, Inc. reserves the right, without further notice, to pursue to the fullest extent allowed by the law any and all criminal and civil remedies for the violation of its rights.

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