Senior Scams on the Rise – My Article from Sixty and Me
In the U.S., victims of elder financial abuse can lose a cumulative sum of about $3 billion a year, according to Bob Blancato, head of the Elder Justice Coalition and expert in the Caregiver Smile Summit.
And guess what? That is a low estimate. Another study reveals up to $36 billion in losses. As the population of aging people grows so does senior scams, fraud and abuse.
For every case that is reported, up to five go unreported according to Blancato. The Justice Department states that one out of every 10 people in the U.S. is the victim of some sort of elder abuse or senior scams.