Protecting against fraud and financial exploitation
Losing money or possessions to scams, fraud, and exploitation can be especially devastating to older people, who may be not be able to earn back what they’ve lost.
Money Smart for Older Adults: Prevent Financial Exploitation
Older people often have regular income, accumulated savings, or equity in their homes. This makes them attractive targets for exploitation by con artists, unscrupulous family members, caregivers and others. And they may not recognize warning signs or know where to turn for help.
Produced in collaboration with the Federal Deposit Insurance Corporation (FDIC), “Money Smart for Older Adults” helps older people, family caregivers, senior service providers, financial service professionals, and others to prevent, recognize, and report financial exploitation. The program also encourages advance financial planning and informed decision-making.
Consumer advisories: Preventing fraud
- Beware of scams targeting older people during the holidays
- How to work with your bank or credit union to protect yourself from financial exploitation
- How to avoid becoming a victim of an asset recovery scam
- Planning for diminished capacity and illness
Resources for caregivers and service providers
- Protecting residents from financial exploitation: A manual for assisted living and nursing facilities
This manual helps staff of long-term care facilities prevent, recognize, and report elder financial exploitation. The guide features a detailed list of warning signs of financial abuse and a model protocol that facilities can use to protect older adults.
- Consumer education placemats [en español]
Series of six placemats with consumer protection tips. For use in meal delivery services, congregate care facilities, or to share with friends and family.
- Fighting Elder Financial Exploitation through Community Networks
Recommendations for community networks engaged in the fight against elder financial exploitation, including a Resource Guide with promising practices, sample documents, and resource materials to help communities develop and enhance collaboration.
Resources for financial institutions
- Advisory and report for financial institutions on preventing and responding to elder financial exploitation
Recommendations for banks and credit unions on how they can protect older consumers from financial abuse.
- Interagency guidance on privacy laws and reporting financial abuse of older adults
Guidance for financial institutions on how to report suspected elder financial exploitation to appropriate authorities without violating the privacy provisions of the Gramm-Leach-Bliley Act.
- Memorandum on financial institution and law
enforcement efforts to combat elder financial exploitation
Joint memorandum from the Consumer Financial Protection Bureau, U.S. Department of the Treasury, and the Financial Crimes Enforcement Network (FinCEN) encouraging coordination among financial institutions, law enforcement, and adult protective service agencies in order to protect older adults from elder financial exploitation.