Q: an 84 yrs old was a victim of fraudulent transf of funds , her bank could have protected her she wired $100K to an unkn
She wired to an unknown account $100K Is there a role the bank should have played to step in and check with a family member to check to see if she should be wiring that kind of money? She was duped by someone on the phone to send him the wire payment, and she did what this person told her to do.
A:
Unfortunately, no. A person is presumed competent until declared otherwise. That includes the right to make unwise decisions. The bank would have had no legal authority to prevent the transaction or to check with a family member.
This should definitely be reported to the police if it hasn't already. Unfortunately, all too often, the people doing this sort of thing are long gone and well hidden. Going forward, you should talk with the 84 year old about whether she is open to having someone help manage her finances, and if need be, it might be time to consider a guardianship / conservatorship to best protect her.
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