Financial fraud and exploitation of seniors seems even more rampant than ever. This population, more vulnerable than others due to an uneasy relationship to rapidly changing technology in the internet age, is often targeted by those unscrupulous folk looking for an easily duped victim. While most of us undoubtedly do our best to protect our loved ones close to us, what happens when they’re no longer as much under our wing? The Consumer Financial Protection Bureau (CFPB) is here to help, with a handy manual designed to offer tips and strategies for caregivers and others responsible for the safety and well-being of those residing in assisted living facilities. Protecting residents from financial exploitation: A manual for assisted living and nursing facilities is published by the CFPB and provides practical advice on how to help protect seniors from falling victim to common scams or fraudulent schemes. Some of the most common include:
- -The resident receives news about a prize or other windfall that requires payment of fees or taxes up front.
-The resident is pressured to keep good news a secret until a transaction is complete or risk losing out on this one-time opportunity.
-A caller constantly seeks more information and pressures the resident to comply.
-A third party claims to be from a government agency, financial institution or other entity and asks for information that they should already have. A resident receives a lot of mail or email for sweepstakes, contests or other sources suggesting that he or she has already been scammed.
Review and download your copy today, and join the fight to protect our seniors!
Virtual currencies like Bitcoin are the newest buzzword for more and more investors–even if you can’t exactly explain what a Bitcoin “is,” you may still recognize the potential for return. However, as with all new technologies and financial endeavors, the fraudsters are keeping pace in their unrelenting mission to separate you from your money! One place to start before taking the Bitcoin plunge is at the Commodity Futures Trading Commission. As Bitcoin and other virtual currencies are classified as commodities, the CFTC is the government agency tasked with regulating them. Subsequently, they provide a wealth of information on their website HERE for consumers to help avoid being defrauded and make safe investments in legitimate companies. If you’re considering getting into this financial area, cruise over and check it out!
Well, the holidays are over and it’s the start of another year–and another opportunity to reevaluate your financial life and practices, woo-hoo! The good news is that it just got a lot easier, thanks to all the wonderful resources and tools available at Smart About Money (SAM). Smart About Money is one of the many programs of the National Endowment for Financial Education®. NEFE® is an independent, nonprofit foundation committed to educating Americans on a broad range of financial topics and empowering them to make positive and sound decisions to reach their financial goals. They offer tips, strategies and information on diverse topics like crisis and fraud, saving and investing, spending and borrowing, housing and transportation, taxes and more.
Click through and take a look at some of the tools like the Life Values Quiz, designed to help you better understand how and why you make financial decisions. Knowing your own habits and patterns is the first step to making positive changes in your financial life!
Will you be needing a new car in the near future? Have you wondered what the advantages are to leasing a new car? Consumer Reports just published an article comparing and contrasting both approaches as well as a specific example that compares the financing details between buying and leasing a 2017 Honda Accord. There are pros and cons for both approaches but Consumer Reports provides all the necessary information in order to make an informed decision. The Library has a subscription to the online Consumer Reports which is linked on the Web Resources page–you will need your library card number and pin to access remotely. Please contact the Research Services Desk (847 590 firstname.lastname@example.org) on the second floor of the Library if you have any questions.