Fraud targeting senior citizens is a growing concern as millions have fallen victim to scammers. Better Business Bureau encourages families to keep the lines of communication open with their elders regarding finances and to recognize some common cons targeting senior citizens.
According to a June 2010 survey by Investor Protection Trust, more than 7.3 million senior citizens—roughly 20 percent of Americans aged 65 or older--already have “been taken advantage of financially in terms of an inappropriate investment, unreasonably high fees for financial services, or outright fraud.”
Having a conversation with your elderly parents about how they are managing their money is not easy, but it is extremely important in order to help protect them from unscrupulous crooks. Keep the lines of communication open so that you can identify suspicious spending habits, as well as educate your elder family members on recognizing the red flags of common cons.