Tag Archives for FINRA Investor Education Foundation

Senate Aging Panel Highlights the Importance of Financial Literacy

Published in RINewsToday on May 18, 2026

Chairman Rick Scott (R-FL) and Ranking Member Kirsten Gillibrand (D-NY) of the U.S. Senate Special Committee on Aging held a hearing last month called “Empowering Seniors Through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence.” The hearing, held during National Financial Literacy Month, focused on the need for financial education and income security for older Americans.

The April 15 hearing lasted just over an hour and focused on improving financial and retirement security for older Americans. During his opening remarks, Sen. Scott announced the release of a bipartisan 2026 Financial Literacy Booklet to help older Americans spot and avoid scams.

At SH-216, the Senate Aging Committee confirmed its continued work to protect older adults from financial exploitation and built on earlier efforts, such as the 2025 Fraud Report.

New Resource for a Secure Retirement

The new 39-page bipartisan booklet, Guarding Your Nest Egg: A Financial Resource for Older Adults, helps older Americans manage their finances, protect themselves from fraud and scams, and plan for a secure retirement.

As Sen. Scott noted: “For so many Americans, especially our seniors, it’s hard to find the information,” Sen. Scott said in his opening statement. “And when you do find it, it’s often incredibly complicated. As a country, we have done a poor job of ensuring people know their options and what route will work best for their needs.”

Sen. Scott says financial literacy is one of the most powerful and most underused tools to protect older Americans. “When they understand how their benefits work, they make better decisions,” he says.

“When they know how to read a financial statement and recognize bad actors, they’re harder to deceive. When they understand the difference between a legitimate investment and a pitch that’s too good to be true, they protect themselves. And when they know where to turn for trusted help, they realize they are not navigating this alone,” said the Florida Senator.

Finally, Sen. Scott added, “The best part is that this doesn’t require a new government program or more federal bureaucracy.” He stressed that the solution is not more federal spending, but “clear information, trusted messengers, and a commitment to getting that information into people’s hands.”

The Senate Aging Committee’s new booklet helps readers make smart retirement and financial decisions. It covers an array of topics, including Social Security, Medicare, housing, charitable giving, disaster preparedness, and even planning for unexpected events. Throughout its pages, practical advice is given to help older adults protect their savings and avoid fraud and scams.

Sen. Gillibrand, in her opening remarks, noted that over 11,000 Americans turn 65 every day. Longer lifespans mean more years in retirement, so careful retirement planning is needed, she says, stressing that aging populations put pressure on budgets and healthcare programs at all levels.

The New York Senator mentioned a recent statement by President Donald J. Trump, who suggested that Medicare and Medicaid should be managed by states rather than the federal government. She countered that comment, noting that since Medicare and Medicaid were enacted in 1965, older Americans have come to rely on these federal programs and expect them to be in place when needed.

Sen. Gillibrand pointed out that the Centers for Disease Control and Prevention data show about 44% of adults over 65 have a disability. Many people don’t see themselves in these statistics, and some find it difficult to plan to take care of a child or adult with special needs. Even when people set financial goals and save, unexpected events can still occur, she says.

Expert Witnesses disclose Insights on Financial Literacy

The Senate Aging Panel brought four expert witnesses from the Financial Industry Regulatory Authority (FINRA), the American Bankers Association Foundation, AARP, and the financial planning community to testify at the hearing. These witnesses stressed the value of financial literacy and highlighted the growing complexity of fraud schemes. They also called for a coordinated approach that leverages education, training, partnerships, and legislation to protect older Americans’ finances.

“For older Americans, financial literacy is not a luxury; it is key for building wealth, protecting savings and preserving autonomy,” says Christine Kieffer, Interim President of the FINRA Investor Education Foundation. Kieffer explained that financial literacy helps manage financial difficulties, but it is not enough to prevent scams. It should be combined with awareness of scams, an understanding of persuasion tactics, and a coordinated approach to ensure real protection.

Sam Kunjukunju, Vice President of Consumer Education at the American Bankers Association Foundation, suggested banks protect and educate older consumers, train bankers, work with law enforcement and adult protective services, and use technology. He also called for a nationwide education campaign and federal laws allowing banks to delay suspicious transactions.

From large banks to small community banks, these financial institutions offer fraud prevention workshops, online banking training, and financial wellness seminars, and coordinate outreach efforts with community organizations, says Kunjukunju, citing several examples.

Carly Roszkowski, AARP’s Vice President of Financial Resilience Programming, shared that 64% of adults worry about having enough money to retire, and nearly one in five non-retirees have no retirement savings. She discussed the real financial challenges older adults face.

AARP provides practical, easy-to-use digital tools (calculators, guides, and other resources) that enable older adults to make informed decisions about their financial future, thereby strengthening their long-term retirement security, says Roszkowski.

“The retirement system now shifts risk to the individuals, but education and support never caught up,” said Roszkowski in her testimony, explaining that the U.S. retirement system now places primary responsibility on individuals to manage savings, investing, and turning those savings into lifelong income.

“Financial literacy works – but only when it’s practical, sustained, timely, and paired with decision support,” adds Roszkowski.

Furthermore, Roszkowski argued that since individuals now bear more risk, financial literacy should be taught throughout one’s life. This approach should cover complex decisions that must be made in later years, as well as fraud risks, drawing on trusted, accessible sources.

In his testimony, Scott Kahan, a certified financial planner, also shared his experience navigating Medicare at age 65, even after 40 years in finance, to illustrate how complex it can be.

“Many people don’t use a financial planner for retirement planning. They might think they don’t have enough money or believe free help online is enough,” says Kahan, warning that this belief is often wrong and misleading.

Getting help from skilled, ethical financial planners like CFPs is essential and should not be considered a luxury, Kahan states, describing this assistance as a lifeline for managing financial complexity and avoiding fraud.

At this hearing, the expert witnesses said that today’s scams are sophisticated schemes that use Artificial Intelligence, voice cloning, and psychological manipulation. They also pointed out how hard it is to make wise choices about when to take Social Security, enroll in Medicare, and manage savings, especially when information is complex, hidden, and difficult to find on government websites, or even biased.

The witnesses also called on banks, government, regulators, nonprofits, and law enforcement to work together to help older Americans make better financial decisions and avoid scams. They often said that information and warnings should come from trusted sources such as family, bankers, financial planners, or groups like AARP.

 A Final Note…

Hopefully, the testimony at the Senate Aging Committee hearing will push Congress to move quickly to establish a “uniform national framework” that eliminates inconsistencies among state laws and better protects older Americans from today’s increasingly sophisticated fraud and scams. Possible steps include a federal “safe harbor” law allowing banks to delay disbursements or temporarily hold transactions when fraud is suspected, the creation of new task forces focused on combating elder fraud, and increased funding for national financial literacy campaigns.

The witnesses’ testimony about scams and complex systems may prompt federal agencies, such as the Securities and Exchange Commission, the Social Security Administration, and the Centers for Medicare & Medicaid Services, to make their communications and processes easier for older adults to access.

To watch the April 15 Senate Aging Committee Hearing, go to Empowering Seniors through Financial Literacy: Tools to Protect Savings, Prevent Fraud, and Promote Independence | United States Senate Special Committee on Aging

Download/read the “Guarding Your Nest Egg, a Financial Resource Guide for Older Adults:   https://www.aging.senate.gov/imo/media/doc/guarding_your_nest_egg_a_financial_resource_guide_for_older_adults.pdf

Fraud Victimization is a Chronic, Escalating Problem for Seniors

Published in the Pawtucket Times on March 8, 2021

Everyone has heard of the ago old proverb, “Fool me once, shame on you, fool me twice, shame on me.”  After being tricked once, hopefully a person learns from one’s mistakes and avoids being tricked in the same way again.   But for many victims of financial fraud, this is not the case.

Last week, AARP, the FINRA Investor Education Foundation (FINRA Foundation) and Heart+Mind Strategies released a four-phase study that identifies evidence-based ways to help repeat victims of financial fraud and their families to avoid being tricked again.

The study’s researchers note that over the years intervention strategies have generally remained the same, while the sophistication of the scammers continues to evolve.  This new study, “Addressing the Challenge of Chronic Fraud Victimization,” released on March 4, provides “new thinking” as to how to support victims of financial fraud and scams who are repeated targeted and fall victim to sophisticated scammers.

According to the study, some of the common tactics used savvy scammers include: playing upon fear, need, excitement, and urgency; making threats; creating a belief of scarcity; using the victim’s personal life and history to create trust; and using emotional stimuli, like hope of winning a prize or finding love, to lure in the victim. 

 The Chronic Fraud Victimization study, published during National Consumer Protection Week (NCPW), scheduled from February 28 to March 6, uses a behavior model to help illuminate factors that may contribute to repeat or chronic victimization by financial fraud schemes.

Looking at Chronic Fraud Victimization

According to AARP, “about one-in-ten U.S. adults are victims of fraud each year, losing billions of dollars annually to criminals through a variety of scams, including natural disaster scams, fake charities, fake prize promotions, and government imposter scams, such as Social Security and Medicare scams.”

“The drivers behind chronic fraud victimization have remained a mystery, so this study is an important step to being able to stop the cycle,” said Kathy Stokes, director of fraud prevention programs and leader of the AARP Fraud Watch Network in a statement announcing the release of the study findings on March 4. “Chronic fraud can give targets and their families a sense of helplessness. By gaining a better understanding of the target’s drivers, we are hopeful there can be more meaningful interventions to disrupt and end the cycle,” notes Stokes.

Last year, the FINRA Foundation and the AARP Fraud Watch Network engaged Heart+Mind Strategies to deploy a four-phased study of chronic fraud victimization to uncover evidence-based concepts for effective interventions. The study’s goal was to generate new ways of thinking as to how to best support the individuals and families repeatedly targeted and victimized by financial scams and fraud. The study’s researchers accomplished this goal by reviewing existing literature, interviewing subject matter experts, chronic victims of financial fraud, and family members of victims, and finally, hosting two expert roundtables as a part of the study.

“This research provides a new lens through which to identify key intervention strategies that could disrupt the cycle of chronic fraud victimization at one or more points along the path to victimization,” adds Gerri Walsh, President of the FINRA Foundation. “We hope it stimulates additional attention to the need for effective interventions that may reduce chronic fraud victimization,” she says.

The 13-page study found that chronic fraud victimization may be a consequence of chronic susceptibility due to certain situational factors that disrupt judgement and derail good intentions. The researchers say that one of the most effective ways to reduce chronic fraud victimization may be to reduce chronic susceptibility. However, they note that chronic susceptibility can be challenging to identify and address. The study offers ideas for managing other factors, such as triggers that elicit an emotional response and the ability to access funds, which may be more scalable ways to reduce fraud victimization rates or counteract the negative consequences associated with being a victim.

The study identified the importance of fraud education but acknowledged that victims or would-be victims do not consider themselves as such, and consequently may not seek out help or absorb anti-fraud messaging. So, creating more in-the-moment education and intervention opportunities could be more effective approach, say the researchers. Partnering with clergy and counselors, or locations such as hair salons and churches, could provide more powerful messages and tools for potential or repeat victims, they note.

The researchers concluded that preventing chronic fraud victimization is a challenging task in the absence of interventions and individualized support.  However, even after a person has been scammed,  intervention is possible to lessen chronic fraud victimization and its impact.

Tapping into Free Resources

Anyone who suspects a fraud or has a family member experiencing chronic fraud can call the free AARP Fraud Watch Network Helpline at 877-908-3360 or visit aarp.org/fraudwatchnetwork for more information. The AARP Fraud Watch Network is a free resource that equips consumers with up-to-date knowledge to spot and avoid scams, and connects those targeted by scams with fraud helpline specialists, who provide support and guidance on what to do next. The Fraud Watch Network also advocates at the federal, state and local levels to enact policy changes that protect consumers and enforce laws.

Investors with questions or concerns surrounding their brokerage accounts and investments can also contact the FINRA Securities Helpline for Seniors toll free at 844-57-HELPS (844-574-3577) Monday through Friday from 9 a.m. – 5 p.m. ET. FINRA staff can help investors with concerns about potential fraud or unsuitable or excessive trading; answer questions about account statements or basic investment concepts, and assist beneficiaries who are having trouble locating or transferring their deceased parents’ assets.

According to AARP, the Washington, DC-based aging group and FINRA Foundation have a long history of collaboration on research and programs that explore and combat financial fraud. Working together, the Foundation and AARP Fraud Watch Network’s fraud fighter call centers, have conducted outreach to more than 1.7 million consumers, enabling them to identify, avoid and report financial fraud.

National Consumer Protection Week is a time to help people understand their consumer rights and make well-informed financial decisions about money.