How to Avoid and Detect Elder FraudDate Posted: Wednesday, November 14th, 2018
How to Avoid and Detect Elder Fraud: A Guide for Older People, Caregivers, and Relatives
Elder abuse is a problem in western cultures world-wide. There are many forms of abuse ranging from neglect to physical abuse, and within that range is financial fraud. Elder fraud can take many forms and we’ll focus on the type of fraud that primarily uses the internet in this article.
Seniors are disproportionately targeted as victims for fraud. The AARP (formerly the American Association of Retired People) found that while only 35 percent of the American population is over 50 years old, fraud victims over 50 accounted for 57 percent of all fraud.
It’s difficult to obtain numbers on how large a problem elder fraud is world-wide. Different organizations calculate numbers in different ways and also define fraud differently. All we can be sure of is that billions of dollars are lost each year to criminals preying on elder citizens.