Scam Alert
ZELLE ACCUSED OF FAILING TO PROTECT USERS
Significant questions have arisen about whether Zelle is providing adequate safeguards to protect its users from fraud. According to reports, the New York Attorney General has accused Zelle of building the popular payment app without critical safety features. A lawsuit filed earlier this month by AG Letitia James against Early Warning Services, LLC (the financial technology company owned by several major US banks and Zelle’s parent company) outlines the allegations. James contends that Zelle has known from the start that its design – with instant, irreversible transfers and minimal verification – has left users vulnerable to fraud and theft, and that they failed to enforce meaningful anti-fraud measures for its customers. Between 2017 and 2023, users nationwide lost more than $1 billion to scams on Zelle. A similar federal lawsuit, initiated by the Consumer Financial Protection Bureau (CFPB) against Zelle, was dropped in March 2025 by Acting Director Russell Vought in his effort to stop a number of enforcement actions and redirect the agency’s efforts.
Cognitive Health and Aging
FEED YOUR CURIOSITY
Two studies published earlier this month looked at the mental health of older adults during a period of upheaval. The conclusions of both studies were consistent: seniors who challenge themselves to learn new things are less likely to experience depression – even during periods of significant stress. Both studies analyzed how individuals adjusted during the COVID-19 pandemic, which researchers believed was a rare opportunity to examine this issue. They studied whether learning new skills related to improved subjective executive functioning and better mental health outcomes across adulthood. One study examined two different age groups, the first with participants 19 and older and the second with participants age 50 and older. Participants self-reported how much time they spent learning new skills and their degree of loneliness and depression during a one-year period. They were also asked to rate their own memory, focus, and decision-making ability during this period. Lilian Azer, the lead author of the research summary stated: “People who were actively learning fared better in terms of mental health outcomes, especially older adults who might otherwise have been more vulnerable to isolation and stress.” In the second study, researchers focused solely on individuals over age 58 who engaged in specific projects during the pandemic, such as drawing, studying a new language or learning to use an iPad. When compared with another group that had not participated in projects involving structured learning, the seniors consistently reported better mental health outcomes. These findings highlight the importance of learning and cognitive engagement as we age.
GOVERNMENT / LEGISLATIVE UPDATE
FTC REPORTS SKYROCKETING IMPERSONATION SCAMS
A new report from the Federal Trade Commission earlier this month showed a more than four-fold increase in reports from seniors who reported they have lost $10,000 or more since 2020 “…to scammers who impersonate trusted government agencies or businesses to convince consumers to transfer money to protect it, when in reality the scammers want to steal it.” A piece in the FTC’s August 7th Consumer Protection Data Spotlight illustrates the staggering jump in losses reported by people 60 and over to these types of impersonation scams. According to the analysis “combined losses reported by older adults who lost more than $100,000 increased eight-fold, from $55 million in 2020 to $445 million in 2024.”
Consumers who are interested in keeping up-to-date on current scams should keep an eye on the FTC’s Consumer Advice blog. The web page is an ongoing information-feed covering new and prevalent scams. Alerts link to articles covering the nature of the fraud and how to prevent, identify, and shut down these schemes. This month’s consumer alerts include information on affinity fraud, which involves a scammer who targets members of an identifiable group (i.e. church, professional or social community) of which he or she is a member, social media ads purporting to sell well-known brands at extremely low prices, rental property fraud, jury duty scams, and others.
Happy 116th Birthday, Ethel!
CELEBRATING THE WORLD’S OLDEST PERSON
Ethel Caterham turned 116 years of age earlier this month. Born on August 21, 1909, she was recently recognized by the Guinness World Records as the planet’s oldest living person. Caterham, who is from the UK and now lives in a nursing home, is believed to be the last living person born in 1909, the last British person born before 1913 and the oldest person to survive COVID-19, which she contracted at 110 years old in 2020. What are her secrets to longevity? In various interviews, she has responded: “Never arguing with anyone ̶ I listen and I do what I like,” per the Associated Press. According to The Guardian in 2020, she advised that she takes “everything in my stride, the highs and lows… saying yes to every opportunity because you never know what it will lead to. Have a positive mental attitude and have everything in moderation.”
