Keep the elder's money in a separate account, and set a two-person rule for large spending

People who scam elders often start with small gifts and warm concern, build up trust, then take a large sum. They also often say "do not tell anyone." Agree on a rule in advance: spending above a set amount has to be mentioned to a specific person first. Then the family knows before the money goes out, and the decision to pay is pushed back.

Cost

No cost. Talk it over with the family once and set an amount. The hard part is how to bring it up so the elder does not feel you are guarding against them.

Benefit

In 2022 the Supreme People's Procuratorate (最高检) released typical elder-fraud cases. It said these crimes first use small favors and a show of family concern to win trust, then false claims and promises of high returns to take large sums. In one case, a company selling fake collectibles sent staff to clean for elders and sit and talk with them, and even took them as "godparents." When they sold the goods they sealed them in a black bag and told the elder not to open it, so the elder's family would not find out. The company took in more than 1920000 yuan. The boss was sentenced to 7 years and 6 months for fund-raising fraud. In 2023 the Beijing Local Financial Regulatory Bureau (北京市地方金融管理局) warned elders not to believe a scammer who says "do not tell anyone." When you are unsure, talk with family, children, and neighbors and friends you trust, and ask the family before you invest. The U.S. Federal Trade Commission totaled the reported losses of people aged 60 and over. In 2020 the total was about 600000000 US dollars. In 2024 it had risen to about 2400000000 US dollars. The rise was mainly cases in which a single loss exceeded 100000 US dollars. Agreeing in advance that "spending above a set amount has to be mentioned to a specific person first" lets the family know before the money goes out, and pushes that decision back.

Notes

No study has compared how much less fraud families see after they set this rule. The grade is B because the scam pattern and the advice to "talk with family more" come from the procuratorate and from financial regulators. The basis is the same kind as item 6 (housing-for-pension). A person who is worked up is easier to talk into something: see item 4 ("I need to go home and talk with my family"). General rules for avoiding fraud are in section 8 and section 13. Do not describe this as "we are afraid you will be scammed." Describe it as "the household keeps one set of accounts," which an elder accepts more easily. Do not hand all of an elder's money to the children to hold. That leads to a different kind of dispute.

Sources · 3

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）. spp.gov.cn/xwfbh/wsfbt/202206/t20220617_56001…
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」. jrj.beijing.gov.cn/jrxcjy/jraq/ffffjzxkt/2023…
3. Federal Trade Commission (2025). FTC Issues Annual Report to Congress on Agency's Actions to Protect Older Adults（Protecting Older Consumers, 2024-2025）. ftc.gov/news-events/news/press-releases/2025/…