Keep your Golden Years golden: Tips to prevent elder fraud
Each year, up to 20% of older Americans become victims of elder fraud, a type of financial exploitation that explicitly targets people 60 years and older. According to the FBI, total losses from elder fraud scams rose 11% in 2023 to more than $3.4 billion.
For individuals living off retirement income, this type of loss can significantly disrupt quality of life, robbing people of their golden years.
Though older individuals are typically targeted for elder fraud scams, there are several ways that seniors, their family members and caregivers can prevent elder fraud abuse.