The con artist portrayed in the Steven Spielberg movie ?Catch Me if You Can? ? whose impersonations included a commercial airline pilot, a doctor and a lawyer ? said the identity-stealing frauds he committed in his youth would be even easier today. He urged lawmakers to arm senior citizens with the knowledge to protect themselves from the type of scams he became famous for.
?What I did 40 years ago as a teenager is 4,000 times easier to do today due to technology,? Frank Abagnale told a Senate panel on aging Thursday.
The Consumer Financial Protection Board estimates that at least $2.8 billion of senior citizens? funds were stolen or improperly used by financial services providers, home health aides, family members and others in 2010. The hearing was intended to prevent such frauds and manipulations that target the nation?s elderly.
Mr. Abagnale, who has spent the last 36 years teaching agents at the FBI how to detect and combat fraud, believes education, not government regulation, is the best approach to take to protect seniors. He advocated public service announcements to point out common scams and explain how to avoid becoming a victim.
A Government Accountability Office report, released at the hearing, said banks are in an ideal position to identify and report elder financial abuse. Financial institutions are in a position to both deter the exploitation of seniors and help provide the evidence needed to support the investigation of these cases.
For example, a bank teller with regular customers may notice when an older customer is accompanied by someone and is pressured to withdraw money, or if their customer starts wiring large sums internationally.
Hubert ?Skip? Humphrey, assistant director of the Office for Older Americans at the agency said that detecting and preventing elder financial exploitation is his office?s top mission, especially as the nation approaches 50 million people 62 and over.
Contact Michigan Elder Law attorney Christopher Berry if you believe you or a loved one has been victimized of a senior scam.
Read more:
http://m.investmentnews.com/article/20121116/FREE/121119944?template=smartphoneart
Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas ofestate planning, business, probate, veterans benefits & Medicaid planning. Follow Christopher on Twitter@chrisberryesq.
Source: http://michiganelderlawcenter.com/catch-me-if-can-con-artist-warns-about-scams-targeting-seniors/
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