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Protect Your Parents From Financial Fraud
Posted By Carole Fleck On April 12, 2013 @ 10:17 am In Bulletin Today,Money & Savings | Comments Disabled
Update: Here’s some news you’ll want to share with your parents to avoid the heartbreak of fraud and abuse at the hands of financial professionals .
A new guide by the Certified Financial Planner Board of Standards, called “Financial Self-Defense for Seniors, ” has been developed to help older adults understand the designations, certifications and fiduciary responsibilities (which require them to act in the best interest of their client) of financial experts. Some so-called designations are nothing more than marketing tools, the board points out, adding that no education or exam is required.
The guide describes “red flag” situations  and the actions that you, or your parents, can take to protect against such fraud . It also offers information on where and how to file an official complaint.
Among the tips:
On a related note, AARP is offering a free webinar about ways you can protect yourself from being a fraud victim. It’s April 23; learn more here .
Remember Bernie Madoff, the investment adviser and scoundrel  behind the biggest Ponzi scheme in American history? He used his religious affiliation to garner trust from people in his religious community and social circle, then fleeced them out of their life savings .
It’s a lesson to all of us. Don’t trust financial experts just because they belong to our congregation, live in our community or support our causes. As the guide points out, some fraudsters use these connections to reel us in. Don’t fall for it.
Likewise, you’ve heard this one before, but it bears repeating: If it sounds too good to be true, it’s probably not legitimate or safe . Stay away.
Photo credit: Oakley Originals via flickr.com 
Also of Interest
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Article printed from AARP: http://blog.aarp.org
URL to article: http://blog.aarp.org/2013/04/12/protect-your-parents-from-financial-fraud/
URLs in this post:
 Image: http://blog.aarp.org/wp-content/uploads/2013/04/8388743325_e13ef18f01.jpg
 fraud and abuse at the hands of financial professionals: http://www.aarp.org/money/scams-fraud/info-03-2011/are-you-being-financially-abused-by-a-family-member.html?intcmp=AE-BLIL-DOTORG
 “Financial Self-Defense for Seniors,: http://cfp.net/docs/publications/financial_self_defense_guide_for_seniors.pdf?sfvrsn=2
 “red flag” situations: http://www.aarp.org/money/scams-fraud/?intcmp=AE-BLIL-DOTORG
 protect against such fraud: http://www.aarp.org/politics-society/advocacy/info-02-2010/ending_elder_abuse.html
 here: https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=597737&sessionid=1&key=B6C118F7113C2B8D4EF908887B576237&sourcepage=register&sf11719731=1
 Bernie Madoff, the investment adviser and scoundrel: http://www.aarp.org/money/budgeting-saving/info-03-2010/he_chased_madoff_when_no_one_would_listen.html?intcmp=AE-BLIL-DOTORG
 fleeced them out of their life savings: http://blog.aarp.org/2012/06/25/supreme-court-wont-review-madoff-payment-plan/?intcmp=AE-BLIL-BL
 If it sounds too good to be true, it’s probably not legitimate or safe: http://www.aarp.org/money/scams-fraud/info-03-2013/skip-humphreys-mission-protection.html?intcmp=AE-BLIL-DOTORG
 Oakley Originals via flickr.com: http://www.flickr.com/photos/oakleyoriginals/8388743325/
 Get Your Tax Day Freebies Here: http://blog.aarp.org/2013/04/11/get-your-tax-day-freebies-here/?intcmp=AE-ENDART1-BL-REL
 5 Ways Humor Can Help You Cope with Dementia: http://blog.aarp.org/2013/04/10/sally-abrahms-5-ways-humor-can-help-you-deal-with-dementia/?intcmp=AE-ENDART2-BL-BOS
 Join AARP: https://appsec.aarp.org/MSS/join/application?intcmp=AE-ENDART3-BL-MEM
 AARP home page: http://www.aarp.org/?intcmp=AE-ENDART3-BL-HP
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