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Submission: On December 30 via manual from IN — Scanned from CA
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We use cookies to improve your website experience. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. By continuing to use the website, you consent to our use of cookies. × https://www.wealthmanagement.com/sites/wealthmanagement.com/files/logos/WealthManagement_com_white.png Skip navigation Informa Wealth Management is part of the Informa Connect Division of Informa PLC * Informa PLC * About us * Investor relations * Talent This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726. Discover: * News * Investment * Wealth Planning * Practice Management * Trusts & Estates * Technology * More * RIA Edge * WMTV * RPA * Edge Events * Wealth Management Magazine * 2024 Market Outlook * 2024 Midyear Outlook * Best of the Best digital edition * Forums * Event Calendar Menu Log In or Register * News * Investment * Individual Wealth * Wealth Planning * Practice Management * Technology * RIA Edge * RPA * Research / WMIQ * Webinars & Whitepapers * Podcasts * WMTV * Edge Events * WM Industry Awards * Trusts & Estates * Wealth Management Magazine * 2024 Market Outlook * 2024 Midyear Outlook * Forums * Best of the Best Digital Edition * Fixed Income: A Risk Adjusted Opportunity * Focused on the Future * RIA Edge 100 * Practical Tips for the Independent Financial Advisor * Subscribe: Trusts & Estate * About Us * Contact * Advertise * Newsletter * Privacy Statement * Terms of Service * Cookie Policy * Ad Choices * Search * Log In * Register * Free Newsletter Sign Up Recent Recent 2025 Outlook Q&A: Industry Regulation to Focus on Digital Assets Dec 26, 2024 -------------------------------------------------------------------------------- 2024 Year in Review: Another New Fiduciary Rule Dec 26, 2024 2025 Outlook Q&A: The Evolution of AI in Wealth Management Dec 24, 2024 2024 Year in Review: Advisors in the Courts Dec 24, 2024 2025 Outlook Q&A: RIAs to Focus on Organic Growth Dec 23, 2024 Featured Scenes from the 10th Annual WealthManagement.com Industry Awards Sep 09, 2024 Ten Best Books of 2024 for Financial Advisors Dec 05, 2024 America’s 30 Safest and Wealthiest Retirement Towns Nov 27, 2024 How Well Do You Remember 2019? Jan 03, 2023 Alex Bierens de Haan/Getty Images Sport/Getty Images WWE wrestler Alexa Bliss has posted on social media warnings that fans not to fall for imposters. Wealth Planning>High Net Worth SOPHISTICATED INTERNET SCAMS TARGETING ELDERLY CLIENTS ARE RAMPANT Help prevent your clients from falling victim to fraud. Anna Sulkin Stern | Nov 20, 2024 Save Sophisticated internet scams and fraud are alarmingly on the rise in our country, so much so that The New York Times has an entire series, Swindled Savings, dedicated to it. We are also in the midst of giving season and International Fraud Awareness Week, so sharing some of these stories and tips on protecting yourself and your clients is fitting. The elderly are a particularly targeted group because they’re more susceptible to falling prey to these ploys. The older demographic is more prone to cognitive decline, less tech-savvy and widely perceived to have the most savings, making them the perfect target. A 2023 Elder Fraud Report released by the FBI found that the Internet Crime Complaint Center received over 880,000 complaints, with potential losses exceeding an astounding $12.5 billion. Losses reported by those over 60 topped $3.4 billion, an 11% increase in reported losses from 2022. There was also a 14% increase in complaints filed by elderly victims. Tech support fraud generated the most complaints; romance, cryptocurrency and investment scams were also among the top reported. Related: Tackling Tax Fraud with Real-Time IRS Integration Don’t underestimate these criminals, however. Even the savviest individuals have fallen victim to fraud as scams become increasingly elaborate. Losing It All Related: SEC: Global Fraudsters Targeted Crypto Investors with 'Relationship Scams' Case in point: the recent New York Times story about Barry Heitin, a 76-year-old retired lawyer who was for months led to believe he was part of a government investigation reminiscent of a scene straight out of a James Bond movie. Sure enough, the “investigation” turned out to be a load of fiction, a fake case fabricated by criminals who used Barry as a pawn to assist them in stealing hundreds of dollars of his own money. To make a long story short, Barry kept making withdrawals from his accounts in what he thought was helping the feds safeguard his money and catch a ring of thieves. Instead, he lost nearly all his savings, approximately $740,000. Another article in the New York Times fraud series details how a 79-year-old man, Alfred Mancinelli, lost nearly $1 million in savings after falling victim to a romance scam with a criminal pretending to be WWE wrestler Alexa Bliss. The scam also cost him his relationship with his son, who ended up embroiled in litigation with Alfred while trying to stop him from being scammed out of the last of his money. Scams using Bliss's personality are so prolific that the wrestler had to issue statements on her social media accounts warning fans not to fall for the imposters. Gone For Good? Creating urgency and isolating victims from loved ones are trademark tactics used by these sorts of criminals. Barry’s advisor became suspicious when he tried to pull out more than $830,000 from his individual retirement and brokerage accounts. The scammers coached Barry to tell his advisor that he was using the money to buy his children a surprise property in Canada, but his advisor didn’t fall for it. Unfortunately, the scammers came up with a better plan—roll the IRA over to a different institution. The tactic worked. Barry was able to empty the new account in less than two weeks with no questions asked. Methods such as wire transfers to foreign accounts and laundering through cryptocurrency make the money nearly impossible to recover. To make matters worse, the victims often end up owing taxes under a Trump-era tax law that requires fraud victims to pay federal taxes on the money lost. A bill that would reinstate a tax deduction for personal casualty losses has been introduced, but with Trump back in office in January, the bill’s fate remains unclear. Consumers often bear the burden of losses due to scams or fraud, as they typically authorize the transactions. Barry’s attorney, Robert Rabinowitz, told the New York Times that investment firms are required to “make a reasonable effort” to obtain a trusted contact when accounts are opened or updated so that they can alert someone should they have reason to believe a customer is being exploited. They also can temporarily freeze transactions or disbursements. Proving liability on the institution’s part will likely be an uphill battle. Protecting Clients “We have witnessed a range of scams, from criminals impersonating government officials or local authorities to fraudulent Bitcoin investment managers, some with heartbreaking results. It’s imperative to be proactive about these discussions before it’s too late by taking the appropriate actions,” said Elias Crist, CFP, associate wealth advisor at Regent Peak Wealth Advisors. Some of the measures Crist suggests clients take include: * Enable a trusted contact person on accounts – or better yet, financial power of attorney – which can empower children to monitor account activity and set necessary guardrails. * Establish guidelines for account activity “thresholds” and when to intervene. * Keep external checking accounts at a minimum balance, so in the event fraud occurs, the loss is minimal. “Discussing these topics may be uncomfortable for some, but the potential consequences of inaction are far more painful,” he adds. 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