In an effort to protect senior citizens from money swindles, U.S. regulators have released a new guide for teaching older adults how to detect financial scams and avoid being exploited.
Additionally, Investor Protection Trust (IPT) reported the findings of a recent survey of doctors and nurses and the prevalence of elder financial fraud.
The Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau developed the curriculum for instructing groups of seniors and their caregivers. It can be used by employees of financial firms, adult protective service agencies, senior advocate groups and law enforcement personnel, the agencies said Wednesday.
The free curriculum, titled “Money Smart for Older Adults,” includes an instructor guide, a participant guide and Power Point slides. It is available here.
The guide notes red flags that seniors should look out for, such as people asking for their bank account numbers over the phone.