Elder financial abuse. It's not new, but it's getting renewed attention.
Last week, the state Department of Corporations urged Californians to be aware of investment fraud and other financial scams targeting seniors. It's also got a great resource, "Seniors Against Investment Fraud" (SAIF), which outlines scams and financial fraud targeting those over 50. Download it here.
Also jumping into the elder abuse arena is the Consumer Financial Protection Bureau (CFPB), created by Congress in 2010 following the country's mortgage meltdown. According to the CFPB, Americans age 60 and over lost at least $2.9 billion to "financial exploitation" in 2010, often by family members.
To get a handle on the problem, it's asking for the public's comments on:
- Types of "unfair, deceptive or abusive practices" aimed at seniors
- Details on fraudulent "senior certifications" and other pseudo-financial designations
- How adults check the authenticity of a financial advisor's credentials
- Available resources on elder fraud, including those aimed at military retirees
If you'd like to submit your comments, the deadline is August 13. Go to the CFPB website or call (855) 411-2372.