Helping Seniors Avoid Scams and Financial Elder Abuse
Consumer Reports explains that “financial elder abuse, in which a senior citizen is coerced, bullied, or tricked into relinquishing hard-earned assets, is the most common form of elder abuse and the fastest growing.” AARP reports that the average loss by a victim of financial exploitation is $120,000. More than 3,630 cases of elder exploitation were reported across Ohio in the fiscal year 2018, according to the Ohio Department of Job and Family Services data.
Senior citizens are often the targets of scams and fraud. The FBI states that the reason senior citizens are targeted is that they are most likely to have savings and excellent credit. Also, people of this age group are generally trusting and polite because of the era in which they grew up. In addition, this group rarely reports fraud because they feel ashamed, don’t know who to report it to, or are embarrassed.