Setting Up Account Alerts to Protect Elderly Parents from Fraud

Q: What should I do if I receive a fraud alert for my parent's account?

First, contact your parent to verify whether they made the transaction. If they didn't recognize it or didn't make it: call the bank or credit card company immediately to report fraud and freeze the account if needed, document everything including dates, amounts, and who you spoke with, file a report with local police, report to the FTC at ReportFraud.ftc.gov, and consider placing a fraud alert on credit reports. Quick action is crucial—many banks have limited windows for fraud claims.

The phone rings at 2 AM. Your parent's bank has detected suspicious activity—three large wire transfers attempted in the past hour. Thanks to the fraud alerts you set up last month, the bank caught it before a single dollar left the account. This scenario happens thousands of times every day, and the families who set up proper alerts are the ones who catch fraud early, before life savings disappear.

Financial account alerts are one of the most effective—and underutilized—tools for protecting elderly parents from fraud. These automated notifications let you know about account activity in real-time, helping catch unauthorized transactions, unusual patterns, and potential exploitation before significant damage occurs. Best of all, most alerts are completely free and can be set up in minutes.

This comprehensive guide walks you through setting up alerts on every type of financial account your parent has, from checking accounts to credit cards to investment portfolios. You'll learn which alerts matter most, how to set them up at major financial institutions, and what to do when an alert signals potential fraud.

The Cost of Delayed Detection:

• Elder fraud victims lose an average of $34,200 per incident
• Fraud detected within 24 hours has the highest recovery rate
• After 48 hours, recovery rates drop dramatically
• Seniors who use account alerts are 60% more likely to catch fraud early

Why Account Alerts Are Essential for Senior Protection

Many seniors don't check their accounts daily—or even weekly. Some still rely on monthly paper statements, meaning fraud could continue for 30 days before they notice anything wrong. By then, the money is usually long gone and much harder to recover.

The Problems Alerts Solve

Infrequent Account Monitoring

Seniors often check accounts monthly or less. Alerts provide real-time visibility without requiring them to log in constantly.

Cognitive Decline

Early dementia or memory issues can make it hard to notice unusual transactions. Alerts create an external monitoring system that doesn't rely on memory.

Exploitation by Known Parties

When family members, caregivers, or "new friends" take advantage, victims often don't notice or report it. Alerts can help family detect patterns.

Recovery Time Windows

Most fraud protection policies have strict time limits for reporting. Alerts ensure you learn about issues while recovery is still possible.

Types of Fraud Alerts Can Catch

Account alerts can help detect:

• Unauthorized purchases: Credit card fraud, stolen debit card numbers
• Account takeover: Someone changing login credentials or contact information
• Wire fraud: Scammers convincing seniors to wire money
• Check fraud: Stolen or forged checks
• Family exploitation: Relatives draining accounts gradually
• Caregiver theft: In-home helpers accessing finances
• Romance scams: "Boyfriend" receiving repeated transfers
• Identity theft: New accounts opened in your parent's name

Essential Bank Account Alerts to Set Up

Bank accounts are often the primary target for elder fraud because they hold accessible cash. Setting up comprehensive alerts creates multiple tripwires that catch unauthorized access.

Transaction Alerts

Large Transaction Alert

Get notified for any transaction above a set amount. For most seniors, $100-250 is a good threshold—high enough to avoid constant notifications but low enough to catch most fraud.

Catches: unauthorized purchases, wire fraud, large ATM withdrawals

All ATM Withdrawal Alerts

Know every time cash is withdrawn from any ATM. This catches both card theft and situations where someone is pressuring your parent to withdraw cash.

Catches: card theft, ATM skimming, coerced withdrawals

Online/Mobile Transaction Alerts

Notifications for any transaction initiated through online or mobile banking. If your parent doesn't use online banking, any such transaction is automatically suspicious.

Catches: account takeover, unauthorized online access

Wire Transfer Alerts

Immediate notification for any wire transfer request. Wire transfers are hard to reverse and are the payment method of choice for many scammers.

Catches: wire fraud scams, grandparent scam, romance scams

International Transaction Alerts

Know when the account is used outside the country. Most seniors don't make international transactions, so these are often fraudulent.

Catches: international fraud rings, card theft used abroad

Security Alerts

Failed Login Attempts

Get notified when someone enters wrong passwords repeatedly. This may indicate someone trying to break into the account.

Password/PIN Changes

Immediate alert when login credentials are changed. If your parent didn't make the change, the account may be compromised.

Contact Information Changes

Know when the address, phone, or email on the account is modified. Fraudsters often change contact info to intercept communications.

New Payee/Recipient Added

Alert when new people are added for bill pay or transfers. This catches when scammers set themselves up as payment recipients.

Balance Alerts

Low Balance Warning

Alert when account drops below a set amount. This catches both fraud and situations where your parent may be overspending or being exploited gradually.

Large Deposit Alert

Know about unexpected large deposits. This can indicate check fraud schemes (deposit fake check, wire "excess" to scammer) or unusual activity.

Major Bank Alert Setup:

• Chase: Chase.com > Profile & Settings > Alerts
• Bank of America: BofA app > Profile > Alerts & Notifications
• Wells Fargo: WellsFargo.com > Security & Support > Alerts
• Citi: Citi app > Services > Account Alerts
• US Bank: USBank.com > Customer Service > Manage Alerts

Credit Card Alert Setup

Credit cards offer strong fraud protection by law, but quick detection is still essential. Many issuers have sophisticated fraud detection algorithms, but alerts add an extra layer of protection and help you stay informed.

Essential Credit Card Alerts

All Transaction Alerts

The gold standard for protection. Get notified instantly for every purchase. Most card apps make this easy to enable. For seniors who use cards rarely, this shouldn't create notification overload.

Threshold Alerts

If all-transaction alerts are too much, set a threshold like $50. Any purchase over that amount triggers a notification.

Card-Not-Present Alerts

Notifications for online purchases, phone orders, or any transaction where the physical card wasn't used. These are the most common type of credit card fraud.

Declined Transaction Alerts

Know when a transaction is declined. This can indicate someone trying to use stolen card information, or legitimate purchases being blocked.

Statement Available Alert

Reminder to review the monthly statement. Even with transaction alerts, reviewing the full statement catches anything you might have missed.

Payment Due Alert

Prevents late fees and credit damage. Helpful if your parent manages their own bills but occasionally forgets due dates.

Special Card Features to Enable

Transaction Lock/Freeze

Most card apps let you instantly lock a card if it's lost or stolen. Show your parent how to use this, and note you can do it for them if you have account access.

Travel Notifications

While not an alert per se, enabling travel notifications prevents legitimate purchases from being declined. Some cards no longer require this, but many do.

Authorized User Alerts

If your parent has authorized users on their card, set up alerts for their spending too. This provides visibility into all card activity.

Investment and Retirement Account Alerts

Investment accounts often hold the bulk of a senior's wealth, making them high-value targets. Unauthorized withdrawals from IRAs, 401(k)s, or brokerage accounts can devastate retirement security.

Critical Investment Alerts

Withdrawal Requests

Immediate notification for any withdrawal or distribution request. For retirement accounts, most people don't make frequent withdrawals, so any request deserves scrutiny.

Beneficiary Changes

Alert when beneficiaries are added or changed. Exploiters sometimes change beneficiary designations to inherit accounts after the victim dies.

Large Trades

Know when large buy or sell orders are executed. Unusual trading activity may indicate unauthorized access or that someone has gained control of the account.

Account Access Alerts

Login notifications and alerts for changed contact information. Investment accounts should have the same security alerts as bank accounts.

Working with Financial Advisors

If your parent has a financial advisor or broker:

• Request dual authorization: Ask that large withdrawals require verification from both your parent and a trusted contact
• Add a trusted contact person: SEC rules now require brokers to offer this option—they can contact you if they suspect exploitation
• Request trade confirmations: Get copies of all trade confirmations sent to a second address (yours)
• Review account statements: Ask to receive copies of all statements to provide oversight

FINRA Trusted Contact Rule:

Since 2018, brokerage firms must offer clients the option to name a trusted contact person. This person can be contacted if the firm suspects the client is being financially exploited or has cognitive decline. Make sure your parent has named someone. This doesn't give you control—just allows the firm to reach out if concerned.

Credit Monitoring and Identity Theft Alerts

Beyond monitoring existing accounts, you need alerts for new accounts opened in your parent's name. Credit monitoring catches identity theft—when criminals use stolen personal information to open new credit cards, loans, or accounts.

Free Credit Monitoring Options

Credit Bureau Fraud Alerts

A fraud alert tells creditors to take extra steps to verify identity before opening new accounts. Free to place and lasts one year (or seven years for identity theft victims). Place with one bureau and it automatically applies to all three.

Contact: Equifax, Experian, or TransUnion to place a fraud alert

AnnualCreditReport.com

The official source for free credit reports. Check each bureau once per year (or stagger them quarterly) to spot unauthorized accounts. No alerts, but essential for regular monitoring.

Credit Karma, Credit Sesame, etc.

Free services that provide credit score tracking and alerts for new accounts, inquiries, or significant changes. Ad-supported but genuinely useful for ongoing monitoring.

Credit Freeze vs. Fraud Alert

Feature	Fraud Alert	Credit Freeze
Protection Level	Moderate—creditors should verify	Strong—blocks credit checks
Cost	Free	Free
Duration	1 year (renewable)	Until you remove it
Setup Process	Contact one bureau	Contact each bureau separately
Best For	Seniors who may need new credit	Seniors who won't need new credit

For most seniors, a credit freeze provides the strongest protection. See our complete credit freeze guide for step-by-step instructions.

Third-Party Monitoring Services and Apps

Beyond alerts from individual financial institutions, specialized services can provide comprehensive monitoring across all accounts and advanced fraud detection.

Elder Financial Protection Services

EverSafe

Specifically designed for protecting seniors from financial exploitation. Monitors multiple accounts for unusual activity, sends alerts to family members, and uses AI to detect patterns that indicate fraud or cognitive decline. Monthly subscription service.

Best for: Comprehensive elder-specific monitoring with family alerts

Carefull

Monitors bank accounts, credit cards, and bills for unusual patterns. Features include bill pay monitoring, duplicate payment detection, and alerts for missed payments. Designed with aging-in-place families in mind.

Best for: Bill pay oversight and gradual change detection

LifeLock / Norton 360 with LifeLock

Traditional identity theft protection that monitors credit, public records, and the dark web for stolen information. Includes identity restoration services if theft occurs.

Best for: Identity theft protection and recovery services

Account Aggregation Apps

These apps pull all financial accounts into one view:

• Mint: Free, ad-supported aggregator with basic alert features
• Personal Capital: Investment-focused with net worth tracking
• Quicken: Traditional financial software with bill pay and alerts

Security Consideration:

Any service that accesses financial accounts requires login credentials. Use only reputable, established services with strong security track records. Enable two-factor authentication when available. The convenience of aggregation creates some additional security exposure, so weigh benefits against risks.

Step-by-Step Alert Setup Guide

Here's how to set up comprehensive protection for your parent's accounts, whether doing it yourself, helping them, or having them do it independently.

Step 1: Inventory All Accounts

Before setting up alerts, identify all accounts that need protection:

Account Checklist:

☐ Checking account(s)
☐ Savings account(s)
☐ Credit cards (all of them)
☐ Debit cards
☐ Investment/brokerage accounts
☐ IRA/401(k) accounts
☐ Pension accounts
☐ PayPal, Venmo, or other payment apps
☐ Store credit accounts (if any)

Step 2: Set Up Online Access

Most alerts require online account access:

Help your parent create online accounts if they don't exist
Use strong, unique passwords (consider a password manager)
Enable two-factor authentication wherever possible
Add a trusted phone number for security codes
Document login information securely

Step 3: Configure Bank Alerts

For each bank account:

Log into online banking
Navigate to Settings or Profile > Alerts/Notifications
Enable these alerts at minimum:
- • Transactions over $100-250
- • All ATM withdrawals
- • Online/mobile transactions
- • Wire transfers
- • Low balance (set appropriate threshold)
- • Password/credential changes
Choose delivery method (email, text, or both)
Add your contact information if the bank allows secondary alert recipients

Step 4: Configure Credit Card Alerts

For each credit card:

Download the card issuer's app (usually most convenient)
Enable all transaction notifications or set a threshold
Turn on card-not-present alerts
Enable declined transaction alerts
Set up payment reminders
Test that alerts are working with a small purchase

Step 5: Investment Account Alerts

For brokerage and retirement accounts:

Contact the broker or log into the account online
Enable withdrawal request notifications
Set up beneficiary change alerts
Add a trusted contact person (FINRA rule)
Request duplicate statements sent to you
Consider requiring dual authorization for large withdrawals

Step 6: Credit Protection

Place a fraud alert with one credit bureau (it applies to all three)
Consider placing a credit freeze at all three bureaus
Sign up for a free credit monitoring service
Set calendar reminders to check credit reports quarterly

What to Do When You Receive a Fraud Alert

Getting alerts is only valuable if you respond appropriately. Here's how to handle suspicious activity.

Immediate Steps

If You Suspect Fraud:

Contact your parent immediately to verify whether they made the transaction
Call the financial institution using the number on the card or statement (not any number in an email or text)
Request the account be frozen if unauthorized access is confirmed
Document everything: date, time, amount, who you spoke with, reference numbers
Don't delete the alert until the matter is resolved

Reporting Fraud

If fraud is confirmed, file reports with:

The financial institution: File a formal fraud claim (they have specific processes)
Local police: Get a police report number for your records
FTC: Report at ReportFraud.ftc.gov or call 1-877-382-4357
Credit bureaus: Place fraud alerts if identity theft is suspected
Adult Protective Services: If the fraud involves exploitation by someone known to your parent

False Alarms

Not every alert is fraud. Common false alarms include:

• Recurring charges your parent forgot about
• Legitimate purchases made in stores with unfamiliar names
• Pre-authorizations that appear larger than the actual charge
• Transactions made by authorized users
• Currency conversion charges that look odd

When in doubt, verify with your parent and call the institution. It's better to investigate a false alarm than to miss real fraud.

Frequently Asked Questions

What bank account alerts should I set up for my elderly parent?

Essential bank alerts include: transactions over a set amount (like $100-250), all online or mobile transactions, all ATM withdrawals, international transactions, wire transfers, failed login attempts, password changes, new payee additions, and low balance warnings. Most banks let you set these up through online banking or by calling customer service. The key is catching unusual activity early before significant money is lost. Consider setting lower thresholds if your parent typically makes small transactions, and always enable security-related alerts for credential and contact changes.

Can I receive alerts for my parent's accounts without having access to their money?

Yes, many banks offer trusted contact or third-party alert options where you can receive notifications about account activity without having any ability to access or move money. Some banks also allow read-only account access for family members. Ask your parent's bank about family monitoring features, which are specifically designed to help protect elderly customers while respecting their financial independence. Additionally, you can be added as a "trusted contact" on investment accounts under FINRA rules, which allows the institution to contact you if they suspect problems but gives you no account access.

How do I set up credit card fraud alerts for my aging parent?

Log into your parent's credit card account online or call customer service. Enable alerts for: all transactions (or those over a threshold like $50), card-not-present purchases (online and phone orders), international transactions, declined transactions, and credit limit changes. Most card issuers also offer instant transaction notifications via text or their mobile app—these are often the fastest alerts. Consider enrolling in the card issuer's fraud protection program for additional monitoring and zero-liability protection. Test that alerts are working by making a small purchase after setup.

What are the best apps for monitoring elderly parents' finances?

Several apps are designed for family financial monitoring: EverSafe specializes in elder fraud protection and monitors accounts for unusual patterns, sending alerts to family members. Carefull offers bill pay monitoring and can detect cognitive decline indicators in financial behavior. Mint and similar aggregators let you view all accounts in one place and provide basic alerts. Many banks also have their own apps with robust alert features. Choose based on your needs—EverSafe and Carefull are elder-specific, while general apps like Mint are free but less specialized. Ensure any app has strong security certifications before connecting financial accounts.

What should I do if I receive a fraud alert for my parent's account?

First, contact your parent immediately to verify whether they made the transaction—many alerts turn out to be legitimate purchases. If they didn't recognize it or didn't make it: call the bank or credit card company immediately using the number on the card or statement (not from any email), report the fraud and request the account be frozen if needed, document everything including dates, amounts, and reference numbers, file a report with local police if significant, report to the FTC at ReportFraud.ftc.gov, and consider placing a fraud alert on credit reports if identity theft is suspected. Act quickly—most banks have time limits for fraud claims, and recovery becomes harder over time.

Should I get email or text alerts for financial accounts?

Text alerts are generally faster and more likely to be noticed immediately, making them better for urgent notifications like large transactions or security changes. Email is better for non-urgent alerts like statement availability or weekly summaries. Many people set up both—texts for high-priority alerts and email for lower-priority notifications. Consider who will be monitoring: if you're helping your parent, you might receive text alerts for immediate issues while they get email summaries. Whatever method you choose, make sure the contact information stays current and test that alerts are actually being delivered.

How do I protect investment accounts from elder fraud?

For brokerage and retirement accounts, enable withdrawal alerts, beneficiary change notifications, and login/security alerts. Under FINRA rules, your parent should name a trusted contact person whom the broker can contact if they suspect problems. Request that large withdrawals require verbal confirmation. Ask for duplicate statements to be sent to you for oversight. If possible, set up a "cooling off" period for large withdrawals where funds aren't released for 24-48 hours, giving time to verify legitimacy. Some advisors can be instructed to call both your parent and you before processing large transactions—discuss this with the financial institution.

What's the difference between account alerts and credit monitoring?

Account alerts notify you about activity on existing accounts—transactions, withdrawals, login attempts, etc. Credit monitoring watches for new activity on credit reports—new accounts opened, credit inquiries, address changes, and public records. You need both for comprehensive protection. Account alerts catch unauthorized use of current accounts; credit monitoring catches identity theft where criminals open new accounts in your parent's name. Set up account alerts directly with each financial institution, and use credit monitoring services (free options like Credit Karma or paid services like LifeLock) to watch for new account fraud.