Be alert for financial schemes targeting seniors and vulnerable adults

Scams, fraud and financial abuse cost older Americans billions each year

You may feel that your money is safe and that you’d never fall victim to a financial scheme — and neither would your loved ones. However, there are bad actors in the world cooking up schemes to separate people from their money all the time — which is why it’s important to stay vigilant and be alert.

Older and vulnerable adults are the most frequent targets

While it’s possible for anyone to be caught unaware in a financial trap, older adults are criminals’ mostly likely targets — and they’re often successful. Statistics show that criminals often hit their mark: in fact, one in 10 Americans who are 65 and older and who live at home will experience financial abuse sometime in their lives.1

And people over the age of 60 who face functional, physical, or mental challenges when caring for themselves are also considered to be vulnerable to financial exploitation1 — which means their money, personal property, or other valuables is taken without their explicit knowledge or consent.2

 

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