9-5-2022 Elder Fraud
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9-5-2022 Elder Fraud

by | Sep 5, 2022 | Firm News |

While awareness about elder fraud has increased it is still a major problem. I encourage people to talk to their parents, other senior family members, neighbors and friends as the scammers are really good at deceiving people.

Each year, millions of elderly Americans fall victim to some type of financial fraud or confidence scheme, including romance, lottery, and sweepstakes scams, to name a few. Criminals will gain their targets’ trust and may communicate with them directly via computer, phone, and the mail or indirectly through the TV and radio. Once successful, scammers are likely to keep a scheme going because of the prospect of significant financial gain.

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.

Additionally, seniors may be less inclined to report fraud because they don’t know how, or they may be too ashamed at having been scammed. They might also be concerned that their relatives will lose confidence in their abilities to manage their own financial affairs. And when an elderly victim does report a crime, they may be unable to supply detailed information to investigators.

With the elderly population growing and seniors racking up more than $3 billion in losses annually, elder fraud is likely to be a growing problem.