Governor Wolf to Host Panel Discussion on Protecting Seniors from Financial Fraud
Governor Wolf will be joined by Department of Banking and Securities Secretary Robin Wiessmann and Department of Aging Secretary Teresa Osborne for a panel discussion on protecting seniors from financial fraud and scams.
In 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.