Older Americans are often the targets of fraud and abuse by family members, caregivers, strangers, and even business entities. In 2021 alone, the money lost to elder fraud reached $1.7 billion. Understanding the numbers behind the fraud can help seniors protect themselves and their assets.
Breaking Down Elder Fraud Statistics
According to The Motley Fool, losses have nearly doubled from 2019 to 2021. With 97,371 victims in 2021, this indicates that it is more important than ever for seniors to protect their finances.
The average amount lost by victims of senior scams in 2021 was $18,246, but many seniors lost more than $100,000. The most common type of scam that targeted seniors was confidence fraud, which involves tricking seniors into wiring money to a scammer who poses as someone they can trust. Other types of scams included prize offers, government imposter fraud, and investment fraud.
Financial abuse also poses a significant threat to seniors. Loved ones and caregivers may take advantage of seniors’ physical or emotional vulnerability to gain access to their accounts and assets. Financial abuse, while not subject to the same tracking that fraud and scams are, has likely been responsible for billions in losses.
The Seniors Center: Helping Seniors Stay Safe
The Seniors Center is here to help. Through our recent posts, we’re educating older Americans about the forms of fraud that they’re most likely to see. Keep up with us on Twitter and Facebook so you never miss a post!