Regulators urge seniors to build defenses against financial fraud, cyber threats

Fraudsters have grown more sophisticated as Americans continue to lean on digital technology. In response, federal financial regulators continue to urge seniors and their caregivers to take practical steps to protect their money. On Wednesday, officials at the Federal Deposit Insurance Corp. (FDIC) and the Consumer Financial Protection Bureau (CFPB) held a webinar as part of an educational curriculum known as “Money Smart for Older Adults.” They walked through some of the most common threats facing seniors and the best ways to defend against them. As it relates to the reverse mortgage industry, senior homeowners continue to be targeted by bad actors who seek to capitalize on this group’s typically higher levels of wealth. Recent cases in Chicago, New York City and Georgia point to elder financial exploitation as an ongoing pattern. And some reverse mortgage companies have taken their own steps to address the issue. Education built for prevention The most recent comprehensive data to measure the impact of elder financial exploitation, published in 2023 by AARP, found that victims over the age of 60 were losing more than $28 billion per year. The same report noted that financial frau...