| Consumer Alerts
Elder Abuse Prevention: Fraud and Financial Exploitation of Seniors
Fraud is big business in America, taking in about $100 billion a year according to the U.S. Office of Consumer Affairs. Law enforcement officials believe that seniors are among the most commonly targeted.
Social workers, attorneys and law enforcement have identified the following four reasons that seniors are at greater risk of fraud:
More Leisure Time
Longer life spans and earlier retirements sometimes translate into empty hours. Some seniors fill them with reading the mail and taking phone calls and visits from strangers offering “money saving deals,” “can’t miss” investment opportunities and “big cash prizes.”
Isolation
Alone and sometimes in failing health, seniors may respond warmly to crooks who may be the only people to call or visit them.
Anxiety
Many seniors worry about running out of money or not having any cash to leave to their children.
More Discretionary Income
While seniors may not be at the top of the list in terms of yearly income, they may have a greater percentage of their income not automatically taken up by the expenses of a growing family, college tuition, and so forth.
The following are some of the most common types of consumer scams aimed at senior citizens. To learn more about how to protect yourself or your loved ones, click on the links below:
Telemarketing Fraud
Home Repair Fraud
Sweepstakes, Prizes and Contests
Financial Exploitation
Junk Mail and Unwanted Phone Calls
Information on other consumer topics can be found in our Protecting Consumers section.
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