In an effort to protect senior citizens from money swindles, financial regulators have released a new guide for teaching seniors how to detect financial scams and avoid being exploited in a recent article from LifeHealthPRO.
Investor Protection Trust (IPT) reported the findings of a recent survey of doctors and nurses and elder financial fraud.
The Federal Deposit Insurance Corp. and the Consumer Financial Protection Bureau developed the curriculum for instructing groups of seniors and their caregivers. It can be used by employees of financial firms, adult protective service agencies, senior advocate groups and law enforcement personnel, the agencies said Wednesday.
This curriculum, is titled “Money Smart for Older Adults.” The guide notes scams that seniors should look out for, for example, people asking for their bank account numbers over the phone.
The results of a recent online survey of 603 doctors and nurses across the country said that 21 percent – are aware that they are often dealing with elderly victims of investment fraud/financial exploitation. Over 60 percent said that research linking mild cognitive impairment to financial scams and seniors is consistent with what they see in their practice, and 92 percent supported the notion that mild cognitive impairment often makes seniors more vulnerable to investment fraud.
The other significant findings from the survey included:
•More than four out of five doctors/nurses (84 percent) are willing to refer an elderly patient who may be the victim of investment fraud to those who may be able to help them with their financial affairs or to the proper authorities for help.
•About three out of five doctors (61 percent) would be interested in continuing medical education credits to learn more about spotting the signs of investment fraud/financial exploitation of the elderly.
•More than four out of five doctors/nurses (81 percent) think that doctors have an important role in recognizing and reporting the signs of investment fraud/financial exploitation targeting the elderly.
•More than nine out of 10 doctors/nurses (91 percent) think that older Americans are vulnerable to investment fraud/financial exploitation.
•Four out of five doctors/nurses (82 percent) say that investment fraud/financial exploitation targeting the elderly is a serious problem.
In a survey from 2010, IPT found that more than 7 million senior Americans have already been the victim of a financial fraud.
If you know a senior who has experienced a financial loss due to their stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.