FDIC announces enhanced tool to prevent elder exploitation

The Federal Deposit Insurance Corporation on March 13 announced enhancements to its Money Smart for Older Adults curriculum. The enhancements include new information and resources to help older adults and their caregivers avoid financial exploitation from fraud and scams.

Money Smart for Older Adults was developed jointly by the FDIC and Consumer Financial Protection Bureau in 2013 to address the nationwide problem of financial exploitation of senior citizens. The enhanced curriculum identifies common types of elder financial exploitation, such as imposter scams and identity theft, and also includes information on how older adults can plan for a secure financial future and make informed financial decisions.

“Building on the success of the FDIC’s Money Smart curriculum, this program provides a valuable resource to help older adults avoid being victims of this type of abuse, as well as manage their money effectively,” FDIC Chairman Martin J. Gruenberg said in the release.

“By providing these resources, we will be better able to educate and empower seniors and those who care about them so they can avoid becoming victims of financial abuse,” CFPB Director Richard Cordray added in the release.

Money Smart for Older Adults is a stand-alone, instructor-led training module designed to be delivered by representatives of financial institutions, social service agencies, law enforcement, legal professionals and others who serve the older adult population. The three-part module consists of an instructor guide, a resource guide, and a PowerPoint presentation that supplements classroom instruction, with materials available in both English and Spanish, according to the release.

The updated program also will include a free webinar to be held on March 30, from 1-2:30 p.m. ET. To learn more about the resources that are available or to register for the webinar, click here.

By |2019-11-25T06:45:40-06:00March 14th, 2017|Financial Services|0 Comments

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