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Fraud Watch: Beware of Senior Financial Scams
A recent report shows that senior citizens have become one of the largest demographic groups target by financial scams and investment fraud. In the past, we’ve offered tips for preventing elder financial abuse, but it seems that the problem is much more aggressive than just making sure that you take steps to protect your investments. According to the recent report, Americans 62 and older are the targets of widespread and rampant financial abuse. And these scams aren’t being perpetrated by the seedy criminals you’d expect to be preying on the elderly; instead, the report shows that these senior financial scams are perpetuated by the very people that should be helping you make smart and secure financial decisions. People like:
- mortgage brokers
- investment bankers
- credit bureaus
- debt collectors
Now these entities should be making sure you receive fair, equitable options for your finances and investments, instead they are taking advantage of the elderly and carrying out senior financial scams for their own benefit. Since 2011, the Consumer Financial Protection Bureau (CFPB) has received over 70,000 complaints of or relating to senior financial scams. The complaints outline predatory practices directed at elderly citizens to disenfranchise and or intimidate.
Don’t Fall Victim to Senior Financial Scams
The elderly are targeted because scammers and fraudsters see them as easy targets. Advanced age or the presence of medical disabilities make many seniors susceptible prey. You can prevent senior financial scams. If you are over the age of 60 and you still manage your financial portfolio, take steps to educate yourself against these predatory practices. If you manage the finances for a loved one, who can no longer look after their own, it becomes especially important to protect those assets. As a designated trustee, you are the only one standing between your loved one’s financial security and the threat of fraud.
Investor Resources
To read the full report on senior financial scams, click here. Check out our past blog on tips for preventing elder financial abuse.