Thursday, October 17, 2013

Increased Protection for the Elderly

In recent years, financial scams that target and victimize the elderly have grown in their scope and aim. The problem of elderly people being scammed out of their hard-earned dollars, often through false IRA rollover claims and overseas scammers, has been growing for quite some time and, unfortunately, the very people who could stop this problem in its tracks—bank tellers and credit union staffers—have been unable to do anything about it.

Because a person’s financial matters must be kept private, these financial professionals have been unable to say much or do much to stop scammers. That’s all about to change now. Eight federal regulatory agencies have come together to allow financial employers more leeway when it comes to intervening against fraudulent activity.


Though some financial employees may be too concerned about breaking the still-confusing rules when they see fraud happening, know that financial advisors, such as those at Platinum Financial Associates of Naperville, will always let you know when something’s not quite with that IRA rollover or that last withdrawal from your account.
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