A new curriculum developed by the Federal Deposit Insurance Corp. and Consumer Financial Protection Bureau aims to help the elderly avoid being subject to financial scams and frauds.
Seniors are considered easy targets for predators, the regulators say. Insurance company MetLife MET +2.12%has found that older Americans lose $2.9 billion a year due to financial abuse.
Known as “Money Smart for Older Adults” the curriculum is designed to teach seniors and their care-givers about financial scams. It is also designed to ensure that older adults plan for a future in which they lose the capability to make financial decisions.
Officials envision the 2 1/2-hour curriculum being taught by providers of services to seniors as well as bank employees. It covers issues including veterans scams, identify theft, medical identify theft, scams involving reverse mortgages, planning for unexpected events and disaster planning.
Earlier this year, the CFPB found in a report that seniors are often confused by a wide array of professional titles designed to convey financial expertise.
Seniors, family members and care-givers should be wary of signs of financial abuse, said Richard Cordray, the agency’s director.
“Sometimes the indicators are obvious: funds disappearing from accounts, bills that go unpaid, belongings that are missing,” Mr. Cordray said. “Sometimes they are more subtle, such as electronic or ATM withdrawals that fly under the radar or a new friend or acquaintance showing up with power of attorney or being added on a joint account.”
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Regulators Try to Stop Financial Abuse of Seniors
What's a bigger scam than appointing a fiduciary ("person of trust") to conserve the assets of a vulnerable individual, who then eats them up, by overbilling or outright theft?
ReplyDeleteI am sure they are telling them how to protect them selves and family from the most corrupt system of all, court appointed guardianship! In Florida, if one is appointed by a Judge, you and your family lose all rights and all your assets are taken from you, you are placed in a ALF and your family will not be able to visit you! Stay away from Florida courts and elder law attorneys claiming to help you!
ReplyDeleteIndividual scams are not as bad as the organized takings in The Protection Racket!
ReplyDeleteBut will they even consider that financial abuse is often court-sanctioned?
ReplyDelete