Motley Fool Money Scams, Secrets, and the Future of Fraud
Mar 26, 2023
Kelly Richmond Pope, Dr. Barry Jay Epstein Endowed Professor of Forensic Accounting at DePaul University, shares her expertise on fraud. She discusses how to protect aging relatives from financial scams and the importance of trusting your gut feelings about suspicious activities. The conversation dives into how generative AI is changing the landscape of fraud, highlighting its increased sophistication. Plus, listeners learn about the emotional impact of fraud and the critical role of open communication in safeguarding loved ones.
AI Snips
Chapters
Books
Transcript
Episode notes
Protecting Elderly Relatives from Fraud
- Schedule family business meetings to review bank statements with aging relatives.
- Establish open communication about finances early to make later discussions easier.
Post-Fraud Discussions
- Share personal fraud experiences with victims to foster empathy and open communication.
- Encourage them to pause and consult before reacting to suspicious requests.
Trust Your Gut
- Your gut feeling can be a reliable indicator of potential fraud, acting as a "second brain."
- Pay attention to nonverbal cues like elevated heart rate or foggy thoughts.
