Am I Being Too Paranoid In This Situation? Parents IPhone Being Compromised (Please Help)

My parents are old school and not too savvy with technology, I recently found out that my parents (who have Iphones) have been clicking on ads / popups / links / texts/emails, etc that they see online, etc, without realizing the possibility that they may have their iphone compromised. They often get scam TEXTS and emails and often click them (I checked their texts / emails whenever they show them to me and it is often phishing / scams).

My parents do their banking on their phone, have all their personal information on their notes section, private emails apps, INVESTMENT ACCOUNTS apps, etc ALL ON THEIR IPHONE and I am extremely worried one day they may get their phone hacked and their information compromised. I have told them not to click random things and to use common sense but I always find that they end up doing it anyways because they often don't think things through before clicking.

As long as their IOS is updated and they dont specifically download anything from the app store, is it possible that their iphone could get compromised in anyway, such as a hacker gaining access to it or their icloud/bank accounts/ emails getting hacked?

*I make sure they update their IOS and withhold their app icloud password from them so that they are not able to download anything from the app store, as well as telling them to never share personal information. Is me worrying about their iphones being hacked through clicking random links, attachments, whatever just being paranoid?