Elder financial abuse

 Jen Reed -  While people in their 30s constituted the largest group of fraud victims by age in 2022 (the FBI’s latest stats), victims aged 60+ lost nearly three times more money. The nearly 95,000  incidents of fraud that year suffered by thirty-somethings resulted in a total loss of $1.3 billion. But the more than 88,000 incidents of fraud suffered by people aged 60+ collectively lost those victims over $3 billion.

Seniors need to be on their guard against financial abuse. But it’s hard to know whom to trust.

• “Something between 70% and 90% of perpetrators of abuse, neglect, or exploitation are known to the adult who experiences the act of abuse,” according to the American Bar Association.
• AARP found last year that 72% of the billions stolen from seniors was perpetrated by a friend, family member or caregiver.
• AARP also found that seniors are far less likely to report being victimized when they suspect their money was taken by someone they know.