How to freeze out scammers
Digest
The Federal Reserve's preferred inflation measure, the PCE price index, shows persistent elevated levels, complicating interest rate decisions. Scientific evidence indicates age-related brain changes can increase vulnerability to financial scams. Florida has enacted a new law allowing courts to use scammers' communication methods to notify victims and freeze assets, and is using tools to freeze cryptocurrency wallets used in scams exceeding $10,000, aiding in asset recovery. A special report, "Brains and Losses," focusing on protecting loved ones from financial exploitation, is available for streaming. Host David Brancaccio is transitioning to a special correspondent role covering economic futures.
Outlines
Inflation and Vulnerability to Scams
The Federal Reserve's preferred inflation measure, the PCE price index, remains elevated, with economists noting accelerating momentum. Scientific evidence suggests age-related brain changes can increase vulnerability to financial exploitation, as highlighted by a past case of a school nurse losing $200,000 to phone scammers.
Florida's New Laws Combat Elder Financial Exploitation and Crypto Scams
Florida has enacted a new law allowing courts to use scammers' communication methods to notify victims and freeze assets, offering a new defense against elder financial abuse. Additionally, Florida is using tools through the Attorney General's office to freeze cryptocurrency wallets used in scams exceeding $10,000, enabling fund recovery and supporting scam prevention efforts.
"Brains and Losses" Special and Host Transition
The "Brains and Losses" special, focusing on protecting loved ones from financial exploitation, is available for streaming. Host David Brancaccio is transitioning to a special correspondent role covering economic futures, while continuing to provide economic news and insights.
Keywords
Personal Consumption Expenditures (PCE) Price Index
The Federal Reserve's preferred measure of inflation, tracking consumer spending on goods and services to guide monetary policy.
Elder Financial Exploitation
The illegal or improper use of an older person's funds or assets through deception or manipulation.
Florida Elder Law
Laws in Florida designed to protect seniors from abuse, neglect, and financial exploitation, including provisions for asset freezing and scam prevention.
Cryptocurrency Scams
Fraudulent schemes involving digital currencies, where scammers trick victims into sending crypto, making fund recovery challenging.
Brain Changes and Scam Vulnerability
Scientific evidence linking age-related brain changes to increased susceptibility to financial exploitation.
Q&A
What is the Federal Reserve's preferred measure of inflation, and what does the latest data indicate?
The Federal Reserve's preferred measure of inflation is the Personal Consumption Expenditures (PCE) price index. The latest data shows it remained elevated in February, increasing by 0.4%, with a 2.8% rise over the year, indicating persistent inflationary pressures.
How does Florida's new law help combat elder financial exploitation?
Florida's new law allows courts to use the same communication methods scammers use to notify victims and serve legal notices. This enables authorities to freeze assets and halt fraudulent transactions, even when the scammer's identity or location is unknown.
What is being done to combat cryptocurrency scams in Florida?
Florida is utilizing tools through the Attorney General's office to freeze cryptocurrency wallets used in scams exceeding $10,000. This process leverages federal seizure laws to recover victim funds and potentially other assets within the wallet.
What is the significance of age-related brain changes in relation to financial scams?
Scientific evidence suggests that as people age, their brains may undergo physical changes that can make some individuals more susceptible to financial exploitation and manipulation by scammers.
Show Notes
Today, we're returning to our 2019 Brains and Losses series, which investigated the financial exploitation of older Americans. In the years that have followed, AI has only made scams more convincing and easier to conduct. This morning, we're joined by an elder law attorney in Florida to hear how some pioneering laws there are aiming to stop scammers who prey on older people mid-swindle. Also, we’re digging into the Federal Reserve's preferred measure of inflation, which remains stubbornly elevated.
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