Safety First: Protecting Older Consumers in Finance

Safety is paramount for older consumers facing unique financial challenges, primarily due to the high incidence of elder fraud and abuse. Existing banking relationships may not suffice as these individuals confront a fixed pool of assets that must be managed carefully. As they age, their financial landscape crystallizes, limiting access to additional resources, while their vulnerability to scams increases, particularly with rapid payment systems like Zelle that facilitate instant transfers. The need for tailored fintech solutions addressing the specific needs and vulnerabilities of older adults is critical.

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