In response to elder financial exploitation, the Spanish-language version of Money Smart for Older Adults (MSOA), a free tool provided by the Federal Deposit Insurance Corp. (FDIC) and Consumer Financial Protection Bureau (CFPB) was launched Tuesday.
The Spanish-language version is content-equivalent to the English-language tool that was developed last year by the two agencies. MSOA was developed after federal regulators said that millions of seniors citizens were affected by financial manipulation. The agencies also said that financial abuse is almost never reported.
According to the National Adult Protective Services Association, only one in 44 cases of financial abuse is reported, and 90% of the victims were related to or trusted their abuser.
“We must do all we can to prevent financial exploitation of older Americans,” said CFPB Director Richard Cordray in a statement. “By providing these resources in Spanish, we will be better able to educate and empower seniors to avoid becoming victims of financial abuse.”
The goal of the program is to help people age 62 and older be smart with their money. The downloadable instruction manual covers topics like, common types of elder financial exploitation, scams targeting veterans, identity theft, medical identity theft, scams that target homeowners, planning for unexpected life events, and how to be financially prepared for disasters.
“We know that senior citizens are increasingly targeted for financial exploitation,” said FDIC Chairman, Martin Gruenberg in a statement. “With nearly 4 million Spanish-speaking older adults across the country, this tool adds a new resource to help Spanish-speaking seniors prevent, respond to, and report abuse.”
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