6-13-2013 Washington DC:Two federal regulators are teaming up to help prevent financial exploitation of the elderly.
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 -0.02% 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. (..continued.. see links in original) by Alan Zibel
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