Wicked Pissah Podcast #204 - Scams & Schemes with Bob Powell
In this episode, Chris Boyd CFP®, CASL, CEPS catches up with Bob Powell CFP®, RMA® to discuss the pressing issue of financial exploitation, focusing on scams and schemes.
Bob Powell highlights the prevalence of financial scams, particularly those targeting elderly individuals, with statistics showing significant financial losses and many cases going unreported.
-Common ScamsThe discussion covers various scams such as AI-generated deep fakes, phishing emails, romance scams, and "pig butchering" investment scams, illustrating the sophistication and creativity of modern scammers.
-Risk FactorsIdentifying factors that increase vulnerability to scams, including cognitive decline, social isolation, low financial literacy, and lack of a financial advisor.
-Protective Measures-Emphasis on education, awareness, and proactive planning. Recommendations for using tools like olderadultnestegg.com for regular assessments and creating a trusted contact to help safeguard clients.
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