The adoption of electronic banking and credit card transactions have made financial services easy to manage 24-hours-a-day, 7-days-a-week, often from remote locations. But that same convenience gives scammers the access they need to prey on unsuspecting seniors.
According to a 2016 study, people 50 and older hold 83% of the wealth in America; households headed by people in their 70s and 80s tend to have the highest median net worth. Combined with loneliness and lack of a local support system, some seniors may be prime targets for financial scams and the effects can be devastating. One recent study has named this issue Age-Associated Financial Vulnerability.
How can you protect seniors against phone and internet scams? If you suspect cognitive issues in a loved one, first have them screened for possible cognitive impairment. These additional resources can help you protect seniors against financial scams.
- How to Recognize a Robocall
AARP - Concerned about financial scams? Here’s your guide
Marketplace, Minnesota Public Radio - Scammers target seniors—here’s how to talk about it
Marketplace, Minnesota Public Radio