Older adults lose more than $36 billion every year to financial scams, according to a 2015study. Unfortunately, con artists see the elderly population as an easy and vulnerable target.
Mike Rothman, president of the American Securities Administrators Association, told CNBC that scammers take this approach because the current elderly population is one of the wealthiest we’ve seen with such hefty retirement savings. Where the money goes, the con artists follow.
With so many scams targeting older adults, it’s essential to make yourself and your loved ones aware of the different types of cons. Here is a list of common financial scams that specifically target the elderly and how you can prevent them: