An “enhanced” version of the Money Smart for Older Adults financial education curriculum and a separate informational brochure on COVID-19-related scams were announced jointly Wednesday by the Consumer Financial Protection Bureau (CFPB) and Federal Deposit Insurance Corp. (FDIC).
In a release, the agencies said the enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide. The enhancements to Money Smart for Older Adults are based on stakeholder feedback and recent research by the agencies, they said.
The release cites Federal Trade Commission (FTC) data showing that reported romance scam losses in 2020 reached a record $304 million, up about 50% from 2019. It said people ages 40 to 69 are the most likely to report losing money to romance scams; and that those age 70 and older reported the highest individual median losses at $9,475.
The brochure on COVID-19-related scams, dated June 2021 and presented under the Money Smart for Older Adults moniker, highlights a broad range of scams targeting older persons, including scams related to coronavirus healthcare, errand helper scams, “person in need” scams, scams targeting Social Security benefits, coronavirus charity scams, COVID-19 government imposter scams, and unemployment benefit scams.
The brochure can be downloaded as a PDF file or ordered in quantities up to 200 for free.