If you have watched “Dateline” or the local news, you know that scams targeting the elderly have become an industry. In 2021 alone, this type of fraud cost victims nearly $2 billion, and it affected almost 100,000 victims, according to the Federal Bureau of Investigation. There was an increase of almost 100% in elderly scams […]
The technology revolution has resulted in major changes to our world in a relatively short time. For older adults, the constant technological changes have left many confused about who to trust and what to believe. Sadly, there are many people out there who take advantage of the elderly population for their own profit. Financial scams […]
People are financially taken advantage of all the time. Sadly, most people fail to realize when they’ve been cheated, instead chalking their losses up to misfortune or bad luck. That’s why it’s important that you remain vigilant and ask questions when you or a loved one suffers financial losses that are worrisome and seemingly unjustified. […]
As the baby boomer population grays, elder financial abuse has become more prevalent in today’s world. Elderly fraud victims can easily become confused by information on the internet, and are often trusting or cognitively impaired when scam merchants come calling at their door. According to a study on elder financial abuse from 2015, 37% of […]
The Financial Industry Regulatory Authority (FINRA) is designed to help protect investors from unscrupulous brokers and financial firms. To that end, FINRA has recently adopted some new rules designed to help protect seniors from financial exploitation. Seniors and the elderly are some of the most vulnerable people in our society. Scams designed to take advantage […]
The Senior Safe Act was passed in 2018 to encourage brokers, advisors and other professionals in the investment industry to report suspected elder financial exploitation. The act grants immunity from legal liability in the event an employee makes a report in good faith of suspected exploitation of a senior’s assets. This immunity also extends to […]
Not all elder abuse is physical. Seniors face an increased risk of financial abuse. As they age, their mental state may decline, leaving them susceptible to exploitation. This occurs when someone takes advantage of a senior citizen who may be physically or mentally incapacitated. If you are a baby boomer with aging parents, this […]