As scams grow more sophisticated and cashless payments dominate, older people face greater financial vulnerability. We talk to Jayne Sibley, CEO of Sibstar, about why it’s more important than ever to safeguard their money.
By Lyndsay Conway
Online banking, contactless cards and digital transactions have transformed how we spend and save our money. While these advancements in technology can make life simpler for many, they’ve also opened new doors for cybercriminals to target vulnerable people. Last year, a report from Independent Age found that around 1.9 million older people in the UK have been scammed, with a total estimated loss of nearly £7.4 billion. As the tactics used in these deceptions are becoming more sophisticated, those numbers are only going to grow.
Jayne Sibley, CEO of Sibstar, a flexible debit card and app for vulnerable people, says this growing complexity is a top concern for many. “A big worry for families and caregivers is how to keep their loved one safe from scams and overspending,” she explains. “When I was looking after my mum, who was living with dementia, she would withdraw large sums of money and give it away and overspend on things she didn’t need or couldn’t afford. She lost a lot of money to scams and frequently fell victim to fraud. With fraudsters becoming more sophisticated this is an increasing worry for families.”
How and when to step in
Knowing when to offer help to elderly relatives can be tricky. “There are signs you can look for that can indicate that someone may need help to manage and safeguard their finances,” says Jayne. “These include missed bills, unexplained cash withdrawals, confusion over change, overspending, unnecessary repeat purchases, donations to unfamiliar organisations or increased anxiety around money. You may also notice a change in their understanding of the value of money, which could lead to some mismanagement, such as giving away large sums.”
Jayne points out that quickly recognising these patterns can prevent bigger problems occurring later down the line. “Picking up on these signs early, starting the conversation and looking for practical ways to help is key to preventing financial mishaps.”
But helping doesn’t have to mean taking over. In fact, stepping in too soon can leave an older relative feeling powerless. “There’s a misconception that the only safe option is to take full control,” Jayne says. “In reality, removing someone’s access to their money can be distressing and disempowering. With the right tools, it’s possible to support rather than take over – for example, by setting spending limits, getting notifications, or helping manage accounts together.”
Staying in control without taking over
Modern financial tools are helping families find that balance and mean they can keep an eye on things, without completely controlling their relative.
“Focus on what the person can still do,” Jayne advises. “Let your loved one continue to make everyday spending decisions within safe boundaries – for instance, using a debit card with agreed spending limits, so that they can go for a coffee with friends or buy a present for their grandchildren.”
This dual approach can also help reduce worry for both families and elderly people. As Jayne says, “Receiving real time transaction notifications to your phone provides that oversight without being too intrusive. Caregivers feel reassured that their loved one is safe, while the individual feels trusted and respected. It turns a potential source of tension into something shared and helps both feel more at ease about money.”
Starting the conversation
Money can be an awkward topic, but it’s easier when approached respectfully and before a crisis hits. Jayne says, “Focus on help rather than control. For example, ‘Let’s make sure things are set up so it’s easier for you to manage your money safely.’” She explains further: “Using examples like scams in the news can steer the conversation towards the practical rather than the personal.”
Above all, keep the conversation open and ongoing. Financial needs – just like health needs – can change over time.
Building confidence for the digital future
Further advancements in technology will continue to shape how we manage money, and that’s not necessarily a bad thing. When used thoughtfully it can help older people stay active, independent and safe.
“Families are embracing digital tools that give visibility without taking away independence from their loved one,” says Jayne. “There’s also growing awareness and uptake of tech that helps prevent scams and supports safer spending in everyday life.”
For carers and families, the key is finding the right balance: protecting loved ones without taking away their freedom. As Jayne puts it, “Independence and safety can coexist.” With the right support and tools, we can help older people stay financially secure, confident and in control of their own money.
Sibstar is a debit card and app designed to help people who may need a little extra support manage their money safely. It allows families and carers to set spending limits, receive alerts and share visibility, helping older people stay independent for longer. Sibstar secured £125,000 investment on the BBC’s Dragons’ Den from Dragons Sara Davies and Deborah Meaden. Learn more at sibstar.co.uk.
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