Governor Wolf and Wolf Administration Host Discussion on Senior Financial Fraud Protection
Governor Wolf will join Secretary of Banking and Securities Robin Wiessmann and Secretary of Aging Teresa Osborne at the Mohler Senior Center in Hershey for a discussion on the importance of protecting seniors from financial scams and fraud.
In November 2015, Governor Wolf announced the Consumer Financial Protection Initiative “in order to educate the public about financial protection and best practices in a concise, efficient way.” The initiative’s four goals are:
1. Help protect consumers from illegal, “easy money” types of lending from out-of-state companies.
2. Establish a state government interagency financial education exchange for consumers.
3. Find new ways to help working adults save for retirement.
4. Help professionals who work with senior citizens identify signs of elder financial abuse and prevent this crime.
Financial fraud is reported to effect more than 7 million older Americans and is estimated to cost $36 billion each year.