Fraud victim advocacy, fraud recoginition and prevention education, and law enforcement support

fraud recognition & prevention education, fraud victim advocacy, law enforcement support

Fraud recognition & prevention education, fraud victim advocacy, law enforcement support

                    

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Fraud Secrets:

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Why con artists scam

Profile of a con artist

What con artists look for

How con artists set up their victims

What a con artist won't tell you

What a con artist will tell you

Have I been scammed?

12 excuses for not returning your money

How do I find my money?

Where did my money go?

If you lost your funds in an investment scam, speak to your accountant about a theft deduction.

 

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Power of Attorney fraud: truth vs. scam

From The Dictionary of Financial Scam Terms

An easy-to-understand guide to financial terms used by swindlers  

Power of Attorney:

A legal document that looks pretty much like a letter, giving someone the power to act on your behalf.  Powers of Attorney run the gamut from extremely limited (Limited Power of Attorney) to complete power over your life, care, and finances (Durable Power of Attorney).  Because you are authorizing someone to act on your behalf, you must be very careful to whom the authority is given, and to what extent.   

The Scam: The most common type of Power of Attorney requested by financial fraudsters is a Limited Power of Attorney or a Special Power of Attorney.  The document specifies that you are giving over the legal right to manage specified funds you have assigned for investment to either the fraudster himself, a TRUSTEE, an attorney, an ASSET MANAGER, or other title that sounds official and trustworthy.

Unfortunately, once Power of Attorney has been given over it means that the person to whom it was given now has the power to access your funds at his discretion.  If you are dealing with a con artist, you can color your money gone.

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