Fraud against seniors hits all walks of life and is in every community. Known losses, just through financial exploitation of seniors in the US, have reached $2.6 billion each year. This is estimated to be the tip of the iceberg (just 2% of cases reported) making a realistic estimate top out at $125 billion annually, demonstrating the no-holds-barred approach of scammers that target elders.
The perpetrators are not just the usual fraudsters. Most often (65%) they are family members and trusted professionals.Their greed leads to the demise of a lifetime of careful financial planning, established care plans and stable housing situations and is having devastating effects in our communities. Family members often rationalize the assets are their inheritance, but it is a crime and not just a family issue.
Excerpted from the August 2014 Fraud Avengers Newsletter which is focused on Fraud Against Seniors. Click here to read the entire newsletter and sign up for future issues. FraudAvengers.org was created by fraud prevention professionals to add “fraud prevention” to the public’s understanding of “financial literacy”; to empower individuals to protect themselves and the ones they care about from financial abuse; and to impede criminals who seek to benefit from payments fraud.