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Today’s financial fraudsters are often anonymous, hiding behind deceptive schemes that prey on the trust, gullibility, or fear of unsuspecting victims. From college students to Grandma, financial fraud doesn’t discriminate.
So how can you better protect clients in a world rife with rotten opportunists? For starters, FINRA is putting its foot down with a new rule — “Financial Exploitation of Specified Adults” — set to go into effect February 5, 2018. This will provide financial professionals with a way to respond to situations in which they have “a reasonable basis to believe that financial exploitation has occurred, is occurring, has been attempted, or will be attempted.”
For example, financial professionals may hold up a requested distribution if things seem fishy, and notify a trusted relative of the suspected victim before moving forward.
To learn more about how you can better protect clients, including strategies to help prevent fraud and common scams, visit our Field Guide to Preventing Elder Fraud resource page.