The FDIC and CFPB have released a new consumer education product: Money Smart for Older Adults (MSOA). MSOA is a new instructor-led training module that provides awareness among older adults and their caregivers on how to prevent elder financial exploitation and to encourage advance planning and informed financial decision-making. MSOA is a tool for bank-community partnerships. For example, bank staff could deliver this information in collaboration with providers of senior services or adult protective services.
There are seven segments covering the following topics:
- Common Types of Elder Financial Exploitation;
- Scams Targeting Veterans;
- Identity Theft;
- Medical Identity Theft;
- Scams that Target Homeowners;
- Planning for Unexpected Life Events; and,
- How to Be Financially Prepared for Disasters.
For more information on MSOA click here.