According to the Alabama Securities Commission, their agency is putting extra effort into providing investor and fraud prevention to citizens ages 50 and above.
And their research findings show that Seniors in the United States and Alabama are a prime target for financial fraud with an estimated $14 trillion in assets. Today, the Consumer Financial Protection Bureau released a guide to help assisted living and nursing facility staff better protect the people in their care by preventing and addressing financial abuse and scams. And their director, Richard Cordray, discusses tips for Older Americans and their families to help protect them from financial abuse. The new guide from the Consumer Financial Protection Bureau is called Managing Someone’s Money. And it helps people look out for loved ones who may be unable to pay bills or make financial decisions. The agency also developed a short curriculum called Money Smarts. The curriculum teaches people how to prevent elder financial abuse. For more information on how to receive the materials on financial literacy visit www.consumerfinance.gov. If you think you have been the victim of elder financial abuse make a report to the Adult Protective Services Agency and contact your local law enforcement services.