Rescinding an existing POA is difficult, but it may be necessary to protect your financial assets and the interests of your estate and beneficiaries. Financial institutions find it challenging to recognize that you revoked your general POA agreement voluntarily and that you conducted that action with sound mind. If you do need to revoke an existing POA, this article lists some best practices to effect that termination.

In many POA cases, a financial institution is unable to validate the document’s legitimacy by contacting their customer. This makes validating the current status of a POA much more difficult, especially since each state has its own set of rules and requirements regarding these agreements. Failing to correctly assess and validate a POA may lead to significant financial losses and a civil lawsuit for your organization.

Humans thrive on emotional connection. Our world, while increasingly interconnected through the internet and social media, actually feels more disconnected, isolated and lonely. This environment has given rise to a particularly damaging form of fraud – the romance scam. In addition to the financial cost of the fraud itself, a romance scam can be incredibly destructive to a person’s faith, trust, and emotional health.

The FBI issued a Public Service Announcement regarding the use of various fraud strategies designed to facilitate Account Takeover (ATO), including the impersonation of financial institution staff, social engineering, and mirrored (or “spoofed”) websites.

The best investigators catch criminals by thinking like one. While not an exhaustive list, we have provided a list of examples to highlight cases of how a marine transaction might be used to launder money or conceal illicit activity.