It is important to understand how to prevent fraud from occurring within your own business. A financial advisor is will provide you the guidance you need!
By wonderful sponsors Crown Wealth Consultants
Loneliness has many negative effects on those who have the misfortune to experience it, most notably poor mental and physical health. But one further consequence that’s often overlooked is the increased likelihood of becoming the victim of a financial scam.
According to a recent survey by the Nationwide Building Society, 25% of people in the UK who have experienced loneliness or social isolation at least once a week have been scammed.1 A primary factor in their vulnerability is not having someone with whom they can discuss anything they might feel unsure of, says Professor Keith Brown, a leading expert in financial fraud among the elderly. “It’s the lack of having somebody with you to double-check things”, Brown adds.
How to protect yourself from fraud
So, how can lonely people protect themselves from fraudsters? One effective way is to contact your financial adviser to double-check anything finance related you might not be sure of, says Hannah Coffey, Vulnerability and Client Assistance Manager at St. James’s Place. This is especially important if you’re not very experienced at handling financial matters – as is often the case with older people who have lost a spouse who dealt with the money side of things.
“If you’ve had no real experience with financial services previously and you receive a call from someone pretending to be your financial adviser or your bank, you’re going to be more likely to believe them because you have nothing to refer back to,” she says. “So please always make sure you contact your adviser to talk to them”.
Another option which may help to prevent fraud is to put a power of attorney in place, which allows someone you trust to make decisions on your behalf. In England and Wales, there are two types: health and welfare (covering decisions on things like medical care) and property and financial affairs (covering decisions on things like managing a bank account or paying bills). The second can be particularly effective in combatting financial abuse within families as the attorney has a legal responsibility to act according to your best interests.
A financial adviser can help you set up a power-of-attorney and help you prevent fraud by speaking to you whenever anything regarding financial matters doesn’t quite feel right.
Powers of Attorney involve the referral from a service that is separate and distinct to those offered by St. James’s Place and are not regulated by the Financial Conduct Authority.
To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax plannings, contact Crown Wealth Consultants, on 01323 442353 or email Lisa.
1 Love is Blind: Feelings of Loneliness and Isolation Go Hand in Hand with Romance Scams, Nationwide Building Society. Nationally representative survey conducted online by Censuswide between 25th and 27th January 2022 with 2,008 UK consumers, weighted by gender, age and region.
To receive a complimentary guide covering wealth management, retirement planning or Inheritance Tax planning, contact Michael Edwards Wealth Management on 01285 678910 or email Michael here.