The Consumer Financial Protection Bureau (CFPB) is seeking public input for a new effort to prevent scams targeted at the elderly, the Washington Post reported today. The CFPB is asking the public about the best way to identify legitimate financial advisers and how effective and easy-to-understand financial counseling is for seniors, among other issues. The bureau is also trying to gather information about scams against veterans. "The amount of money stolen from seniors has risen sharply in recent years," CFPB director Richard Cordray said in a prepared statement. Cordray cited a 2009 study by MetLife, which found that Americans aged 60 and up were cheated out of at least $2.9 billion in 2010. This reflected a 12 percent increase from 2008, the study said. Another survey by the nonprofit Investor Protection Trust said that one out of every five Americans over the age of 65 had been financially swindled in 2010.
