Protecting Our Elderly from Scammers

 Protecting Our Elderly from Scammers

Each year, millions of elderly people around the world fall victim to some type of financial fraud or confidence scheme. Throughout the scam, fraudsters will often build trust with their targets via computer, phone, and the mail. Once successful, scammers are likely to keep a scheme going because of the prospect of significant financial gain. According to the FBI, seniors are often targeted because they tend to be trusting and polite. They also usually have financial savings, own a home, and have good credit—all of which make them attractive to scammers. Indeed, protecting our elderly from scammers is more important than ever before.

The Cost of Fraud

Financial exploitation of older Americans is on the rise. For example, estimates of fraud-related losses and costs range from $2.9 billion a year to as high as $35 billion a year. However, it is hard to gauge how close these numbers are to the actual figure. Sadly, not everyone…

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