A newly created federal office is aiming to help keep senior citizens from becoming victims of fraud and scams. Illinois Attorney General Lisa Madigan has met with Skip Humphrey, who heads the new Office of Older Americans, within the Consumer Financial Protection Bureau, to discuss how to better protect senior citizens from scams and fraud.
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It will boil down to communication, Madigan said. “When we find that people here in Illinois maybe victimized, we can pass that along,” Madigan said. “If these folks are operating in other states, they’ll have a good way to get that information out.” Madigan and Humphrey agree that reverse mortgages are one of the newer, bigger concerns facing senior citizens. Madigan says the education aspect is important. “We have spent easily that last 2½ years really targeting older people,” Madigan said. “Making sure that they have the information they need to make wise financial decisions, as well as making sure that if they have been victims of a scam that we are going to go after those people, shut them down and make sure that they don’t victimize others.” Madigan’s office has filed two lawsuits against reverse mortgage companies.