Elderly people face all of the same scams as everyone else, but some scams disproportionately affect the older generations. Many of these fall under the umbrella of elder fraud – the misappropriation or abuse of financial control in a relationship where there is an expectation of trust, resulting in harm to an elderly victim.
Elder fraud is vastly underreported, according to a study by Comparitech. The study estimates 5 million cases of elder fraud occur in the US alone each year, resulting in $27.4 billion in losses. This means that 38 percent of fraud cases target the elderly.
But what makes older people susceptible to fraud? What sorts of scams target the elderly, and what can seniors do to avoid these scams? Find out by clicking here.