Joint Release/FDIC and CFPB Release Enhanced Version of Money Smart for Older Adults — 2021-07-14

FDIC and CFPB Release Enhanced Version of Money Smart for Older Adults The Federal Deposit Insurance Corporation (FDIC) and the Consumer Financial Protection Bureau (CFPB) today announced the joint release of an enhanced version of the award-winning financial education curriculum, Money Smart for Older Adults. The enhanced version includes a new section to help people avoid “romance scams” and an updated resource guide. The enhancements to Money Smart for Older Adults are based on stakeholder feedback and recent research conducted by the FDIC and CFPB for this collaborative effort. 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.