If there’s one thing that you should know about con artists, it’s the fact that they don’t discriminate among their victims. They’ll take advantage of virtually anyone who seems like an easy target.
Sadly, fraudsters often single out senior citizens as their preferred targets. They do so partly because of the concentration of wealth that this population holds in their hands — and partially because seniors often have attributes that make them more vulnerable to deception.
You may find it beneficial to learn more about the demographic fraudsters often target and why. Apprising yourself of this information may be just what’s needed to protect your loved one from others who don’t have their best interests at heart.
How often are seniors likely to become fraud victims?
Data published by Marketplace indicates that an astounding 83% of all U.S. wealth remains in the hands of its residents older than age 50. Those same statistics also reveal the population with the highest net worth in the country are residents in their 70s or 80s.
Those same statistics reveal that only 2.5% of all elderly individuals report falling victim to fraud. This population loses up to $36 billion annually to such schemes, although precise figures are hard to grasp because people often feel to ashamed to report the losses.
Which factors make some seniors vulnerable to fraud than others?
Some seniors are more apt to be preyed upon by fraudsters than others, including those who:
- Reside alone
- Have hearing or visual impairments
- Have received cognitive impairment diagnoses
- Must regularly rely on others for their basic needs, such as medication or food.
Data compiled by Marketplace also suggests that individuals begin experiencing cognitive declines as early as age 53 that may impact their ability to adequately manage their finances.
Don’t let financial fraud go unpunished
If you believe your elderly loved one has fallen victim to financial fraud, take action. You may be able to recover what someone stole from them and ensure that it doesn’t happen to anyone else here in San Francisco by doing so. Speaking with an experienced advocate is your best option.
