What Is Elder Fraud And How Do We Prevent It?

Elder fraud is a large and growing problem, costing many seniors the savings they worked hard for in their younger years. Reports indicate older Americans lose anywhere between $2.9 to $36.5 billion each year.

According to the U.S. Consumer Financial Protection Bureau, individual victims of elder financial fraud lose an average of $34,200. In 7% of the cases, victims lose over $100,000.

Even more, these statistics represent only the reported cases of elder fraud, a severely underreported problem.

In this article, we’ll talk about what elder fraud is and how you can protect yourself and your loved ones from becoming victims of this crime.

What is Elder Fraud?

Elder fraud is a form of elder abuse. It occurs when someone deceives a vulnerable older person to steal or illegally gain access to the victim’s money or property.

Why are Older Adults Frequent Targets of Financial Fraud?

There are several reasons seniors are targets of financial fraud:

• They’re more likely to have accumulated wealth in retirement accounts, savings, and other investments.
• They’re often more willing to listen and trust people than younger…