FDIC, consumer watchdog launch tool for elderly to sniff out scams


"Older people are often the specific targets of unfair, deceptive and abusive financial practices," said Richard Cordray, director of the CFPB.

"With 50 million older people in this country, and 10,000 more reaching retirement age every day, we cannot afford to tolerate financial predators or practices that victimize our elder citizens," he added.

The regulators' guide, called Money Smart for Older Adults, will give information for the elderly and those around them to identify common fraud schemes and report them. Among the seven segments are ways to sniff out identity theft, scams targeting veterans and those focusing on homeowners.

The tool, which includes PowerPoint slides and a teaching script, is the latest installment of the FDIC's Money Smart program.

The agency bills the effort as as "a comprehensive financial education curriculum designed to help low- and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships."

The resource is available through the FDIC's website.