Financial Cons and Power of Attorney

The recent FDIC Consumer News report from the summer of 2013 goes over a number of financial fraud issues, including the misuse of powers of attorney, that seniors should be aware of. Elder abuse is a growing problem in this country as millions of Americans join the ranks of senior citizens every year. In some situations, financial fraud can result from seniors who grant power of attorney when they should not have. Identifying Potential Problems According to the FDIC, there are several classic warning signs associated with financial fraud, con artists, and scammers looking to take advantage of senior citizens. Many of these scams begin with an unsolicited phone call or e-mail that asks you to pay money upfront. Some of these requests can be hidden behind claims that you’ve won a prize, are entitled to receive some sort of government compensation, or other smokescreen designed to get you to more easily hand over your money. In other situations con artists will attempt to get you to s
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