(BPT) - The financial exploitation of older people is a rampant epidemic in America. A recent report by the Consumer Financial Protection Bureau revealed that each incident of financial fraud cost older adults ages 70 to 79 an average of $45,300. And when the older adult knew the suspect, the average loss rose to about $50,000.
As older adults experience more wealth events — from selling a home to making IRA withdrawals — they become more vulnerable to scammers. This can often happen when older people lose touch with those who can help protect them. While technology has made lots of things easier, including managing money, it has also increased the ways for scammers to weaponize fraudulent activity. It is more critical than ever to empower older adults to protect their financial accounts — and for trusted family and friends to help them do so, before it’s too late.