Why Seniors are Targeted for Fraud

by Lois Etienne on October 24, 2011

in Finances,Legal,Senior Health and Safety

Fraud among seniors is a serious issue and not just from a loss of money and savings. There is stress, shame and fear associated with being .

Here are several reasons why the elderly are targeted for fraud:

1)    Seniors are likely to have a “nest egg,” own their home or have excellent credit, all of which will appeal to a con-man.

2)    Individuals who grew up in the 1930s, 1940s, and 1950s were generally raised to be polite and trusting. The con-man will exploit these traits knowing that it is difficult or impossible for these individuals to say “no” or just hang up the phone.

3)    Seniors are less likely to report a fraud because they don’t know who to report it to, are too ashamed at having been scammed, or do not know they have been scammed. In some cases, an elderly victim may not report the crime because he or she is concerned that relatives may come to the conclusion that the victim no longer has the mental capacity to take care of his or her own financial affairs.

4)    When it comes to products that promise increased cognitive function, virility, physical conditioning, or anti-cancer properties, seniors make up the segment of the population most concerned about these issues. In a country where new cures and vaccinations for old diseases have given every American hope for a long and fruitful life, it is not so unbelievable that the products offered by these con-men can do what they say they can do.

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