Growth of Elder Financial Abuse Prompts CFPB Probe
The Consumer Financial Protection Bureau said it has launched an investigation to learn more about the many ways in which older Americans are financially exploited.
The CFPB said Thursday Americans ages 60 and up lost at least $2.9 billion to financial exploitation in 2010, citing a recent study. From 2008 to 2010, the study showed a 12% increase in the amount of money scammed from seniors.
Research has found that women are more likely to be victimized than men and that senior financial exploitation is most frequently perpetrated by family members and other persons in a position of trust, the CFPB said.
The agency is seeking comment from the public on several senior finance issues including an evaluation of financial adviser certifications and designations and what resources are available for seniors to help them make informed decisions about financial advisers.
The CFPB said it also wants to hear about specific types of fraudulent, unfair, abusive, or deceptive practices that target older Americans, older veterans, and military retirees.
The agency said it is aware of fraud involving military retirement and pension funds and wants to learn more.
Comments for the CFPB’s Request for Information must be submitted by Aug. 13.