Seniors often targeted for fraud

In a report released this week, two nonprofit public interest groups, the Frontier Group and the U.S. PIRG Education Fund, analyzed more than 72,000 complaints filed with the Consumer Financial Protection Bureau (CFPB), revealing Americans 62 and older of all walks of life are experiencing widespread financial malfeasance. More than 60 million Americans are in […]

In a report released this week, two nonprofit public interest groups, the Frontier Group and the U.S. PIRG Education Fund, analyzed more than 72,000 complaints filed with the Consumer Financial Protection Bureau (CFPB), revealing Americans 62 and older of all walks of life are experiencing widespread financial malfeasance. More than 60 million Americans are in this age range.

Bad actors include mortgage companies, banks, credit bureaus and debt collectors, according to the report..

InvestmentNews explains, “The report details predatory practices targeting older adults, including deceptive marketing campaigns from reverse mortgages lenders; inaccurate credit reports, often due to medical debts from deceased family members; and harassing and abusive phone calls from debt collectors.”

“Many older consumers are at increased risk because of health or living conditions, including cognitive decline, isolation, disability, or the recent loss of a loved one,” the report said. “These conditions can make seniors more appealing targets for scammers, more susceptible to misleading advertising, or more prone to misunderstanding confusing terms or fee schedules.” Read the full article here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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