Elder financial fraud and abuse victimizes hundreds of thousands of seniors each year. Older Americans hold the largest percentage of the nation’s wealth, making them prime targets.
All seniors, regardless of income, are at risk. Financial abuse may be perpetrated by anyone – a professional con artist, a paid caregiver, a stranger or casual acquaintance, or even a son, daughter, or other family member.
The following factors contribute to the prevalence of senior financial abuse:
- A high percentage of seniors live alone and may be more vulnerable to scams.
- Seniors may be trusting and readily believe the sales “pitches” they hear.
- The population of seniors is increasing, providing a continuous source of wealth for financial abusers.
Education and awareness are two key strategies to preventing and responding to elder financial abuse.