Avoiding elder financial victimization

A discussion paper from the Payment Cards Center of the Philadelphia Fed has been posted on how consumers can prepare for the financial pitfalls of aging. “Combining Forces to Combat Elder Financial Victimization: How Consumers Can Avoid the Financial Pitfalls of Cognitive Aging and What They Should be Asking Their Financial Institutions” lists seven steps that older consumers can take and six questions that they can ask their financial institution to determine how prepared it is to detect signs of a customer’s diminished financial capacity, elder fraud, and financial abuse.