Minn. Leads Pack In Protecting Seniors From Financial Fraud
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MINNEAPOLIS (WCCO) — Seniors across the country are being scammed out of $2.5 billion a year, but Minnesota is leading the way in the fight against this troubling epidemic.
Minnesota is the first in the country to provide guidance to banks and credit unions with spotting and reporting fraud without penalties.
Skip Humphrey of the Consumer Financial Protection Bureau says these guidelines will help people who’ve worked their whole lives to keep what they have.
“All too often they’re being ripped off, and they’re being ripped off by individuals who they don’t know, over the phone for example,” Humphrey said. “But unfortunately, all too often, by those they do know.”
Scammers use mail, phone calls and internet hoaxes to rip off seniors. Often times, they’ll use personal information to take advantage of the victim.
Here are free resources for protecting your money and for reporting a scam: