FDIC and CFPB urge seniors to protect against financial fraud and cyber threats

The Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) have urged seniors and their caregivers to take practical steps to protect themselves from financial fraud and cyber threats, according to HousingWire.

Officials from the FDIC and CFPB recently held a webinar as part of the “Money Smart for Older Adults” educational curriculum, which addresses common fraud risks facing seniors and ways to defend against them.

Seniors are particularly targeted in the reverse mortgage industry, with recent cases in Chicago, New York City, and Georgia highlighting ongoing elder financial exploitation, the report noted.

A 2023 AARP study cited by the regulators found that victims over age 60 lose more than $28 billion annually to financial fraud, which is often committed by someone known to the victim rather than strangers.

The educational program, running since 2013, aims to increase awareness among older adults and their caregivers and provides tools for advanced financial planning, said FDIC consumer education specialist Deva Tarin.

CFPB senior policy analyst Lisa Schifferle emphasized scams targeting veterans and their families, including illegal fees charged for pension benefit filings.

The regulators continue to promote these educational efforts to help reduce the negative outcomes of financial exploitation among seniors.