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.
Five Steps to Protect Your Family from Financial Fraud
February 16, 2026
Whitaker Myers
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