The CFPB and the FDIC have released of an enhanced version of “Money Smart for Older Adults,” a free education curriculum that includes an instructor guide with presentation content, speaker tips, hands-on activities, presentation slides and a resource guide.
The enhanced version includes a new section to help people avoid romance scams, in addition to an updated resource guide. The enhancements are based on stakeholder feedback and recent research conducted by the FDIC and CFPB.
Romance scams commonly occur when a scammer creates a fake profile on a dating site or app, strikes up a relationship with a target, and asks for money. According to the Federal Trade Commission, reported romance scam losses in 2020 reached a record $304 million, up about 50 percent from 2019.
The resource guide can also serve as a stand-alone handout for distribution to libraries, senior centers, senior housing centers and at senior information fairs and other events. All materials are provided free and can be ordered in bulk for community-wide distribution.
The “Money Smart for Older Adults” training materials from can be accessed on the FDIC website and free handouts and other resources for older adults are available on the CFPB website. An informational brochure on COVID-19-related scams is also available from the CFPB.