Financial abuse targeting seniors is on the rise. According to the Federal Trade Commission, seniors lose more money to scammers than people much younger. Seniors over the age of 80 lost an average of $1,700 compared to $188 lost by people 19 and younger, according to the FTC.
So why are seniors common targets? There are many factors. Older Americans have had more time to accumulate wealth, which is often invested in their homes and retirement savings. Some scams target older adults because of perceived or real frailty. Today’s seniors also grew up in a more trusting time. When older adults are scammed, they’re often too embarrassed to report the crime.