Posted on 01/15/2022 8:09:36 AM PST by ChicagoConservative27
Seniors lose more than $600 million a year to fraud, according to the Federal Trade Commission. That’s shocking and heartbreaking.
But what also raises my hackles is when banks turn a blind eye to such activity, authorizing money transfers when it should be obvious that something out of the ordinary is happening.
Lisa Spanierman contacted me recently to relate how her 81-year-old mother got fleeced to the tune of more than $600,000, and how Chase bank did precious little to prevent the theft of much of her life’s savings.
(Excerpt) Read more at latimes.com ...
Meanwhile, the IRS is going to track all of your expenditures over $600 and require paperwork be sent out.
Scammers will figure out ways to get vulnerable people’s money... I can see this happening very easily to my parents. But Chase does appear to be a particularly evil corporation.
what could the scammer possibly have said that would “trick” the person into sending them $600,000 ??!?!?
My solution: No business deals over $100 for old folks. Pass a law. Those with no concerned relatives need the government. In this case it would be a panel of trustworthy church-going citizens who are hopefully not out for themselves.
I think banks are the government’s secret police, but that said, they can’t be responsible for their customer’s stupidity
If her mother was no longer competent to handle her own financial affairs, why didn't Lisa do something about it before it got to this point? I guess it's always easier to blame somebody else when you screw up.
“””” Lisa Spanierman contacted me recently to relate how her 81-year-old mother got fleeced””””
Sorry Lisa but you can’t fix stupid. And the stupid person is you, Lisa Spanierman.
Lisa, you are the one who failed to ‘honor your mother’ as written thousands of years ago.
Geez, I charge $10 and I get a call from my credit card company.
“You’re name is Steve?”
Never trust a phone call from out of no where.
Well my Credit Union calls me anytime they see anything on my bill out of state because I rarely do that. But when I do I use my charge.
Wiring 600K? Someone needs their head examined imho.
How many folks on here would be screaming if the Biden administration passed a rule that banks had to get government approval for transactions over $100,000? I would be too.
My last big transaction was to transfer a significant sum from an IRA to an annuity. Did I get scammed? I guess I’ll find out in a few more years. But big brother didn’t stop me from doing it; and the broker didn’t put up any barriers.
In the case reported, the problem is obviously the daughter for not keeping track of her mother’s decline.
Those with no concerned relatives need the government.
You forgot the /s
This why my mom does not have credit cards or a large checking account. She is 3/4 deaf and blind so scammers can’t do much any way. She calls me when “amazon” says there is a problem with my/dads/someones’ account.
A $600k wire from a legitimately identified customer is not unusual for a bank like Chase.
I know it sounds large to a lot of people…but these days someone wiring that much when they buy or sell a home is almost normal.
It’s not the banks job to prevent people from being stupid.
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