New Tool Protects Seniors from Financial Exploitation
In an effort to protect senior citizens from financial exploitation, the Consumer Financial Protection Bureau and the Federal Deposit Insurance Corporation have launched a new financial resource tool to help older adults protect themselves against identity theft.
The tool is free to use, and it consists of a series of resources that seniors or instructors can download and use at their convenience.
The program, entitled “Money Smart for Older Adults,” consists of an instructor guide, a participant guide and a set of PowerPoint presentations, all available for download on the FDIC website. The setup is mainly designed for caregivers and organization leaders who want to conduct a few classes for seniors about identity theft awareness. Any organization that deals with seniors such as retirement homes, senior centers and finance clubs can utilize the tools provided by the FDIC.
FDIC Chairman Martin J. Gruenberg said, “Each year millions of senior citizens are targeted for financial exploitation. Building on the success of the FDIC’s Money Smart curriculum, this program will provide a new resource to help older adults avoid being victims of this type of elder abuse.”
CFPB Director Richard Cordray added “By working together with the FDIC on Money Smart for Older Adults, we will be better able to educate and empower seniors to avoid being victimized. We also will provide excellent new resources to the caretaker generation of people like myself, to be better able to protect an elderly parent against such abuses.”