Watch above: One of the most prevalent frauds is power of attorney. Brian Trainor looks at some of the steps people can take to protect themselves.
SASKATOON – Power of attorney fraud is where a senior is financially taken advantage of by a family member who was named their power of attorney to manage their finances. Anti-fraud specialist and former Saskatoon police sergeant Brian Trainor has seen numerous cases involving the financial abuse of seniors.
“It’s sad, it destroys families.
“Most of the files I get are family members who are concerned because all of a sudden mom or dad can’t afford their medication, there is no food in the house, and they’re not being driven to the doctor or their not even getting out of the house. Isolation is the first sight you’ll see of elder abuse, and power of attorney fraud is financial abuse of seniors.”
READ MORE: Top 10 scams to watch out for this Fraud Prevention Month
Some of Trainor’s recommendations to avoid POA fraud are to:
- Name two power of attorney’s who can offset each other;
- Never join bank accounts or property assets; and
- Have your monthly expenses come out automatically.
Trainor also says that most things go sideways when the power of attorney doesn’t have to account to anybody, and stresses the need to ensure an accountability clause in the agreement where all documents need to be shown,
“I always say that as soon as money comes into the picture, the snakes come out from underneath the rocks. Every family has them, and the justifications for doing it are as wide as the methods of stealing the money.”
Those dealing with power of attorney fraud can speak with their bank, a lawyer or reach out the the Saskatoon Council on Aging.
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