Inside Today’s Most Dangerous Scams

A CPA’s Guide to Safeguarding Client Wealth

Resources from Robert Powell, CFP®, RMA®Host, Decoding Your Money | Editor, finStream.tv

Thank you for attending my AICPA Engage session. The resources below are designed to help CPAs, financial planners and other advisers recognize fraud, protect vulnerable clients and respond quickly when financial exploitation occurs.

If a Client Has Been Scammed: Act Immediately

The first 24 to 72 hours can determine whether funds are recovered.
Step 1: Contact the Financial InstitutionRequest an immediate recall, freeze or fraud investigation.
Step 2: File an FBI IC3 ComplaintReport the incident at IC3.gov as quickly as possible and include all transaction details.
Step 3: Preserve DocumentationSave emails, texts, wire instructions, screenshots, crypto wallet addresses and account statements.
Step 4: Notify Trusted ContactsWhen appropriate, involve the client’s trusted contact, attorney-in-fact or family members.
Step 5: Consider Adult Protective ServicesIf financial exploitation, diminished capacity or undue influence is suspected, contact Adult Protective Services.

The Five Things Every CPA Should Do Next Week

  1. Add Trusted ContactsEncourage clients to identify a trusted contact person before a crisis occurs.
  2. Train Everyone in the FirmReceptionists, administrative staff, bookkeepers and partners should all know the warning signs of fraud.
  3. Verify Unusual RequestsRequire verbal verification using a known phone number for unusual distributions, wire transfers and account changes.
  4. Subscribe to Scam AlertsMonitor FBI, FTC, FINRA and AARP alerts and share relevant warnings with clients.
  5. Use Structured Assessment ToolsDocument concerns regarding financial vulnerability, diminished capacity and undue influence using evidence-based tools.

The Three Questions Every CPA Should Ask

When a transaction feels “out of character,” slow down and ask:

  • How did you learn about this opportunity?
  • Has anyone asked you to keep this transaction secret?
  • Has anyone else reviewed this decision with you?

Additional questions:

  • Have you met this person in person or by video?
  • Are you being asked to wire money, buy gift cards, or send cryptocurrency?
  • Have you been promised guaranteed returns?
  • Are you being asked to pay fees or taxes before receiving money?
  • Has someone offered to recover money you previously lost?

Warning Signs of Fraud

Be particularly alert when clients:
  • Suddenly want to liquidate investments
  • Request large wire transfers
  • Express unusual interest in cryptocurrency
  • Become secretive about financial decisions
  • Reference a new online relationship
  • Mention “guaranteed” returns
  • Say they need to act immediately
  • Have been contacted by tech support, law enforcement, or government officials
  • Are withdrawing funds for gold, precious metals, or courier pickup
  • Have already been victims of a prior scam

Tools for Assessing Financial Vulnerability

OlderAdultNestEgg.comEvidence-based resources include:Financial Decision TrackerHelps document the quality and consistency of financial decisions.Financial Vulnerability AssessmentIdentifies potential indicators of fraud, exploitation and diminished financial decision-making.Family & Friends Interview ToolProvides insight from trusted individuals regarding behavioral or cognitive changes.Financial Exploitation ResourcesGuidance for documenting concerns and escalating cases appropriately.These tools can help protect both clients and practitioners.

Report Fraud and Get Help

FBI Internet Crime Complaint Center (IC3)The primary reporting site for cyber-enabled fraud and financial scams.Website:  IC3.gov

Federal Trade Commission (FTC)Consumer fraud reporting and scam alerts.Website: ReportFraud.ftc.gov

DOJ National Elder Fraud HotlineProvides case support and referrals for older victims of fraud.

Phone: 833-FRAUD-11 (833-372-8311)

Investor Protection Resources

FINRAFINRA Securities Helpline for SeniorsResources on trusted contacts, elder financial exploitation, and investor protection.
Phone: 844-574-3577
SEC Office of Investor Education and AdvocacyProvides assistance to investors and educational materials regarding fraud and scams.
Phone: 800-732-0330Email: [email protected]
NASAAState securities regulator resources and investor protection guidance.ResourceState and Provincial Caregiver Resource Directory

Support for Victims and Families

AARP Fraud Watch NetworkHelpline: 877-908-3360Fraud prevention education, victim support and scam alerts.

Give an HourProvides emotional support and mental health resources for fraud victims and their families.

National Adult Protective Services Association (NAPSA)Find local Adult Protective Services offices for suspected exploitation cases.

Eldercare LocatorConnects older adults and caregivers with local services and support programs.

Phone: 800-677-1116Email: [email protected]

Research and Education Resources

FBI Internet Crime Complaint Center Annual ReportFTC Older Adult Fraud ReportsFINRA Senior Investor Protection ResourcesSEC Older Investor ResourcesCFPB Financial Exploitation ResourcesNational Center on Elder AbuseSenate Special Committee on Aging Fraud Resources

Key Takeaways

Remember the Universal Scam Framework
Impersonation“I am someone you trust.”
EmotionFear, urgency, secrecy or connection.
Money MovementWire transfers, cryptocurrency, gift cards or cash.
When all three are present, the risk is extremely high.Pause the transaction.Ask questions.Verify independently.Document concerns.

About Robert Powell, CFP®, RMA®Robert Powell is editor of finStream.tv, host of Decoding Your Money, faculty member in the Elder Planning Specialist Certificate Program and a longtime financial journalist and educator.

Stay ConnectedfinStream.tv/scam-resourcesScan the QR code for:

  • Presentation slides
  • Scam prevention resources
  • Assessment tools
  • Research reports
  • Client education materials
  • Future updates on scams and fraud prevention

Final Thought

Clients don’t just need tax advisers, financial planners, and investment advisers anymore. They need fraud gatekeepers. The scammer may only need five minutes with your client. You may be the last trusted professional standing between that client and a life-changing financial loss.