By Jeffrey K. Presley, CKA®

Imagine picking up the phone and hearing a voice that sounds exactly like your grandson’s, shaken and urgent, saying he’s been in an accident and needs money wired right away. It’s a hypothetical but not far-fetched. Scammers now pull short voice clips from social media and use them to mimic a loved one closely enough to fool even careful, level-headed people.

Retirees have become a favorite target for this kind of fraud for a straightforward reason: you’ve accumulated real resources, and criminals know it. Preserving what you’ve built doesn’t require becoming a technology expert; it requires a handful of steady habits, applied consistently, along with a willingness to slow down before acting on anything urgent involving money.

For those who see their finances through the lens of stewardship, this fits naturally into the picture. Managing the resources entrusted to you well includes guarding them from preventable loss. Here’s where to start.

The Scams Retirees See Most Often

Fraud aimed at retirees has grown increasingly convincing, with a few recognizable patterns that are appearing more frequently today:

• Phishing emails and smishing texts: These remain the primary entry point for cybercriminals. Messages claim to be from your bank, credit card company, or the IRS, warning that an account is compromised and prompting you to click a link to log in. Doing so is handing over your credentials directly to scammers.
• AI and impersonation scams: Criminals posing as family members in crisis, financial institution reps, or callers from charities you support.
• Wire fraud and account takeover: Wire requests are especially damaging because wired funds are nearly impossible to reverse once sent. Account takeover (where a bad actor gains access to your email or investment portal) can go unnoticed for weeks while sensitive data is harvested.

Guarding against fraud doesn’t mean you have to treat every incoming call or message with paranoia. It’s recognizing that any unusual request involving money, credentials, or account changes call for verification before you respond.

Guarding the Gateways: Passwords and Multi-Factor Authentication

Most account breaches trace back to weak or reused passwords. If the same password unlocks your email, bank account, and investment portal, a single leaked credential compromises every door at once. A reputable password manager eliminates this risk by generating and storing complex, unique passwords for every site, requiring you to remember only one master password.

Multi-factor authentication (MFA) provides a vital second layer of defense. While many services offer SMS text codes, authenticator apps (such as Google Authenticator or Microsoft Authenticator), or physical security keys offer significantly greater protection against SIM-swapping attacks. Enable MFA on your primary email and financial accounts first, as these serve as the master keys to your digital footprint.

These can be as simple as requiring a code be immediately sent to your phone via text or to your email address. You would then enter the code to gain access to your account.

In addition, keep your phone, computer operating system, and applications updated. Security updates patch active vulnerabilities that cybercriminals routinely seek to exploit.

Slow Down Before You Send

The single most effective habit against financial fraud is also the simplest: pause before acting on any request involving money, passwords, or personal details, no matter how urgent it sounds.

Scammers rely on manufactured urgency to bypass logical evaluation. If a call, text, or email demands immediate action, treat that pressure as an instant red flag. Hang up and contact the person or institution directly using a phone number you already have on file; never use numbers provided within the suspicious message.

Key safety principles to remember:

• Never send sensitive financial data over unencrypted email.
• Legitimate banks and government entities will never request payment via gift cards, wire transfers, or cryptocurrency to resolve an urgent problem.
• Consider establishing a family code phrase—a specific question or word known only within your family—to verify identity whenever someone calls requesting emergency funds.

Safeguarding More Than Your Bank Account

Cyber risk extends far beyond everyday checking and savings accounts. Your primary email inbox frequently houses years of sensitive tax filings, estate planning records, and advisor correspondence. A compromised email account gives criminals sufficient data to attempt identity theft, request credit lines, or redirect wire transactions.

Charitable giving records, beneficiary designations, and trust documentation deserve equal protection. Digital copies of legal wills, trusts, or powers of attorney should be stored in encrypted, password-protected cloud storage rather than general email folders.

For electronic tax filers, enrolling in the IRS Identity Protection PIN (IP PIN) program offers an invaluable defense. Once enrolled, the IRS will reject any electronic return filed under your Social Security number without your six-digit PIN. Keep in mind that IP PINs are reissued annually, so you will need to retrieve your updated code from your IRS online account each January prior to filing.

Preparing the Next Steward

Good stewardship isn’t limited to the resources you manage today. It includes preparing the people who will manage them after you, whether that’s a spouse who hasn’t been closely involved in day-to-day accounts or adult children who will eventually help with your affairs (and who should be named as a power-of-attorney agent).

Take time to walk your spouse and adult children through where accounts are held, how the password manager works, and what your family’s verification rule is. Adult children benefit from understanding these basics too, particularly as parents age. A short conversation now can prevent a great deal of confusion (and potential loss) later.

Preserving What You’ve Built Is Part of the Plan

Effective cybersecurity does not require advanced technical skill. Implementing a password manager, turning on multi-factor authentication, establishing a family verification code, and taking a deliberate pause before acting on urgent requests stops the vast majority of scam attempts retirees face.

Cyber defense requires consistency, treating security as an ongoing component of financial stewardship rather than a one-time setup. It’s similar to how our firm protects your sensitive personal and account information as our client. Robust and continual vigilance goes a long way in thwarting cyber attacks.

If you’re ready to work with a Christian financial advisor who puts your best interests first, offers a personalized, fee-only approach, and integrates a values-driven perspective into every decision, I invite you to reach out. To schedule a meeting, call (260) 435-1200, get in touch online, or email jeff@mountainpeakwealthadvisors.com

Frequently Asked Questions

What’s the single most effective step retirees can take to protect their accounts from fraud?

Turning on multi-factor authentication for your email and financial accounts offers a strong return for very little effort. Pairing it with a password manager, so every account has a unique password, closes off the two most common paths criminals use to gain access. A financial advisor can walk through your specific accounts and help identify where these protections are missing, since many retirees aren’t sure which accounts still rely on outdated or reused passwords. Mountain PEAK Wealth Advisors works with clients to look at security alongside the rest of their financial plan.

How does cybersecurity connect to estate and legacy planning?

Your estate plan often lives partly in digital form, from scanned documents to online account access instructions for your executor. If that information is stored carelessly or shared over unsecured email, it becomes a target in its own right. Coordinating your cybersecurity habits with your estate documents, beneficiary designations, and charitable giving records helps keep your legacy plan as protected as your investment accounts. For a related look at protecting family resources, see Your Guide to Long-Term Care & Safeguarding Family Resources.

Should I get an IRS Identity Protection PIN even if I’ve never had my identity stolen?

Yes. The IP PIN program is open to anyone with a Social Security number or ITIN, not just those who’ve already experienced fraud. Once you enroll, the IRS won’t accept a tax return filed under your number without that six-digit code, which helps prevent a common form of identity theft where a criminal files a fraudulent return in your name before you do. Our team at Mountain PEAK Wealth Advisors can help you think through how this fits alongside your broader tax and financial picture.

About Jeff

Jeffrey K. Presley, CKA®, is the President and Chief Compliance Officer of Mountain PEAK Wealth Advisors in Fort Wayne, Indiana, where he provides wealth management, retirement planning, and faith-based financial guidance. Drawing on decades of financial planning experience and leadership roles at several respected firms, he also operates Presley Tax Services, LLC, to offer separate tax preparation and advisory services. A Purdue University alumnus, Jeff integrates biblical principles into his practice and is an active member of Pathway Community Church.