According to Consumer Reports, approximately 500,000 senior citizens lose over $36 billion each year to scammers who target them for financial abuse. Despite the widespread problem and illegality, only 5,000 confirmed cases were reported last year to states. With the population of America aging, authorities expect the problem to grow even worse and hope to bring more awareness to the problem.
Generally, senior citizens are victims of financial abuse by someone who they trust, or someone who pretends to be in a position of trust. In one of the several examples cited by The Daily Item, a convicted felon posed as a licensed building contractor and convinced an elderly woman that she could take a home equity line of credit to finance an expansion. Then, after performing some of the necessary work, claimed he located asbestos and would need more money to continue with the project. As the made-up excuses kept piling up, the felon continued to demand more money from the woman. In a victim statement to a court last year, the elderly woman said she lost over $100,000 and her home was in significantly worse shape. In another example cited by the online newspaper, a man wired money to an unknown bank account after receiving a call from someone pretending to be a federal agent from the Internal Revenue Service.