Financial fraud can happen to anyone. People get scammed online or in person. Some are targeted by fraudulent investors or financial advisors who take advantage of their position.
That said, statistics show that these types of scams tend to target the elderly. For instance, in 2023, reports claim that a massive $3.4 billion was lost to fraud – when only considering people who were at least 60 years old. So, while fraud can happen at any age, those who commit this type of activity tend to target older individuals, rather than younger people.
Why does this happen?
In some cases, this occurs because the elderly are in a vulnerable position. For example, maybe the financial fraud was carried out by a caregiver in a nursing home. The elderly person was dependent on that caregiver, giving them a position of power that could be abused for financial gain. Some scammers may also believe that elderly people are more likely to be defrauded due to conditions like dementia or Alzheimer’s, so health issues can play a role.
But the biggest reason is purely financial. Elderly individuals tend to have far more money at their disposal. They often have savings, investments and significant assets. Someone intent on committing financial fraud is much more likely to target a person in their 60s who has saved hundreds of thousands of dollars for retirement than a person in their 20s who is living paycheck to paycheck.
For all these reasons and more, it is very important for the elderly and their family members to be wary of financial fraud and to understand what legal options they have if it occurs.
