According to the FBI’s latest Internet Crime Report, Americans over the age of 60 lost $1.7 billion to fraud last year [*]. That’s the highest loss amount reported out of any age group.
Older adults are less likely to be tech-savvy and more likely to be home during the day to answer phone calls or reply to emails. They may have accrued a lifetime of savings, their own home, and a promising credit score.
Whether it’s by impersonating government officials or claiming to offer financial assistance, scammers are unrelenting in their attempt to con seniors.
But elder fraud isn’t only a hazard for the older population. Family members may lose property or assets if they were co-signed on a fraudulent loan with the elder victim. This can also lead to credit scores plummeting for anyone involved.
In this article, we’ll review the types of scams that ensnare seniors and what you can do to keep them safe.
What Is Elder Fraud? Why Do Scammers Target Seniors?
Elder fraud is any scam that targets older adults and exploits them for monetary gain, such as financial fraud or identity theft.
Typically, a scammer will deceive senior citizens with false promises of goods or services. Once they gain their trust, scam artists go after financial details, health insurance, or even physical possessions.
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