Targets: Seniors

Since seniors own more than half of all the financial assets in America, they are the primary targets for fraudulent practices. It is estimated by the U.S. Subcommittee on Health and Long Term Care that even though seniors only represent 12% of the population, they represent 30% of the scam victims. This vulnerability exists for many reasons: seniors can be lonely and take phone calls from strangers at home; they are susceptible to “get-rich-quick” pitches when money is tight; they tend to be polite and not hang up the phone. They can be scammed by strangers coming to their houses and offering help. And they can be targets of Internet scams promising large awards of cash, prizes, travel or unrealistic investment returns. This financial exploitation must be tamed by vigilant regulators and service providers seeking to better educate older Americans in methods to prevent further abuse.