Banks Advised on Ways to Protect Older Customers

En español | The statistics are grim and are predicted to only get worse as the boomer generation ages. Nearly 1 in 5 Americans over 65 say they have been a victim of financial exploitation, according to a poll released this week by the nonprofit Investor Protection Trust. And estimates of the total losses each year suffered by these older consumers range from $2.9 billion to nearly $36.5 billion. To combat this, the Consumer Financial Protection Bureau issued an advisory …

Older Workers Haven’t Recovered Retirement Optimism

En español | Older workers are less confident today than a decade ago about having enough money for a comfortable retirement, according to a new survey by the Employee Benefit Research Institute. Among workers 55 and older, 20 percent say they are very confident of their retirement prospects. That’s down 6 percentage points from 2006 and the steepest decline in optimism among all age groups, EBRI reports. Enter to win a Volvo V60 Cross Country, a national parks vacation for two …

Double Whammy: A Scam That Targets Victims of Scams

It’s bad enough being scammed out of your money once. But some older consumers are being conned a second time by so-called asset recovery companies promising to help recover the money lost in the initial fraud, the Consumer Financial Protection Bureau (CFPB) warns. The companies charge hundreds or thousands of dollars up front but offer services that victims could do on their own for free, the agency says. Ways to save, expert investment advice, scam alerts and more! — AARP …

New Tool to Help Victims Recover From Identity Theft

Identity theft has become so prevalent that some regulators say it’s not a matter of if you’ll become a victim, but when. Last year alone, the Federal Trade Commission received 490,000 complaints of identity theft from consumers, a 47 percent increase over the year before. And that’s just the tip of the iceberg. An estimated 17.6 million consumers’ identities were stolen in 2014, according to the Department of Justice. Ways to save, expert investment advice, scam alerts and more! — AARP …

Obama Floats New Options for Retirement Savings

Small businesses would be able to band together to create a joint 401(k) retirement plan, and some part-time workers could participate in their employer’s plan, under proposals to be included in President Obama’s final budget to Congress. An outline of these and other proposals to expand access to retirement accounts to more than 30 million people was released Jan. 26. More details, along with cost figures, will be available when the president submits his budget next month. Some ideas are …

The 25 Worst Passwords: Is Yours on the List?

If you recently changed your password to “starwars” in honor of the blockbuster movie, congratulations. Your new password is among the world’s worst — or rather, one of the most hackable. That’s according to SplashData, a password management company, which studies millions of breaches to come up with an annual list of the most common and easily exploitable passwords. No. 1 on the list for two years in a row is “123456.” Again in second place: “password.” Other perennials on …