North Carolina Department of Justice
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Seniors get tips on finances, avoiding elder fraud

Release date: 6/13/2013

Financial Fitness Fair sponsored by AG Cooper, CFBP, FDIC and more

 
Raleigh: Attorney General Roy Cooper partnered with federal, state and local groups today to host a Financial Fitness Fair for seniors at the Quorum Center in Raleigh.
 
Seniors, caregivers, and others with senior loved ones today got tips on how to avoid investment fraud, protect themselves from identity theft, and steer clear of other common scams that target older consumers.
 
“We’re here to help you avoid scam artists and criminals who want to steal your money and your identity, and to help you manage your money wisely by getting the best deals from legitimate businesses,” Cooper said.
 
The event started at 9 AM with booths where seniors could talk to experts and get information on topics such as elder abuse, estate planning, and consumer protection.
 
Experts from the Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau taught their new curriculum on financial literacy for seniors, Money Smart for Older Adults: Prevent Financial Exploitation, for the first time at this event.
 
More than $3 billion is lost in the U.S. due to elder exploitation each year, according to the presenters from the FDIC and CFPB. The new Money Smart for Older Adults program is designed to help seniors prepare for their financial wellbeing and avoid being exploited by frauds and scams.
 
The crowd of more than 50 attendees also heard from a panel of experts from the Attorney General’s office, the NC Department of Health and Human Services, and the NC Secretary of State’s Office, on investment fraud, health-related scams, elder abuse, and protecting personal financial information.
 
Secretary of State Elaine Marshall encouraged attendees to avoid investment opportunities that sound too good to be true, promise guaranteed profits, or pressure you to act quickly and keep the supposed investment a secret.
 
“This event needs to start a ripple in the pond to help us spread the word about these scams and the resources that are available to prevent them,” Marshall said.
 
Along with the Attorney General’s Office, groups participating in the Financial Fitness Fair for seniors included: the Federal Deposit Insurance Corporation; Consumer Financial Protection Bureau – Office for Older Americans; National Credit Union Administration; NC Secretary of State, Securities Division; NC Department of Health and Human Services Division of Aging and Adult Services; NC Bankers Association; NC Commissioner of Banks; NC Credit Union League; NC Task Force on Fraud Against Older Adults; and the Triangle J Area Agency on Aging.
 
To get consumer protection help or file a complaint about a scam targeting seniors, contact the Attorney General’s Office toll-free within North Carolina at 1-877-5-NO-SCAM or online at www.ncdoj.gov. Experts from Cooper’s Victims and Citizens Services Section are also available to make presentations to seniors and other groups by calling 919-716-6780 or emailing outreach@ncdoj.gov.

 


 


Media contact: Noelle Talley (919) 716-6413