Senior citizens are prime targets for fraud attempts and scams due to several factors according to the FBI. First is their likelihood to have a “nest egg” of money saved up, and second is the fact that they often don’t report crimes out of fear of being seen as having reduced mental capacities by their family members.
The Consumer Financial Protection Bureau (CFPB) found that the annual financial loss of elders has quadrupled in the last five years. Adults aged 70 to 79 years old lost on average $45,300. When the suspect was known to the victim the losses were even greater at an average of $50,000. Estimated total losses range from $2.9 billion to $36.5 billion a year, these statistics are underestimated though because much of the abuse goes unreported.
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