Rehab Select Blog

According to a survey done by the Investor Protection Trust back in 2010, one out of every five seniors has been taken advantage of financially – many times by scam artists.

The number of scams that target senior citizens seems to increase every year. Older people are particularly vulnerable to these sorts of scams. They tend to have access to cash. They are also more trusting, often somewhat gullible, and more likely to live alone. Many elders are lonely and want to talk to anyone who calls or contacts them.

More seniors are on the Internet these day than ever before, using it to keep in touch with friends and family via social media, to keep up with the daily news, to pay bills or to shop. In fact, according to the latest census data, more than 42 percent of American adults over the age of 65 are spending time online, putting the power of today's technology to good use in their daily lives. As great as it is that seniors are becoming so tech-savvy, there are risks with Internet use, most notably, scams that target senior citizens.

To con artists and thieves, senior citizens are prime targets for fraud, and they take their work seriously. According to Bankrate, senior citizens lose about $2.6 billion a year to scams, fraud and theft, and these crimes are believed by experts to be significantly under-reported. Here, we will look into why seniors are targeted, common scams that target senior citizens, and what they need to know to protect themselves.

It is sad but true: scams against seniors happen very frequently. If you or your loved ones are not careful, you may find yourself the victim of a con artist looking to help you part with your money through some fast talking or clever deception. Con artists know that senior citizens are often especially vulnerable to their cons.

Scams against seniors are all too commonplace. Seniors are often targeted for this type of crime because they are thought to be wealthy (although many aren't), or because they may be trusting because they are often lonely. Smooth talking telemarketers can coax seniors to provide their credit card, checking account, or debit card numbers and take the money and run before the senior is even aware anything has happened.

Scams against seniors have been called the "crime of the 21st century". Seniors are often targeted for fraud because they're thought to have a lot of money. In addition, seniors with cognitive difficulties can be easy targets.

Perhaps the most common definition of elder abuse is physical abuse. However, scams against seniors also qualify as elder abuse, and to that end are covered by elder abuse protection laws. If you have an elderly friend or family member, it's important that you educate them about this fraud -- or to take note of it yourself if you could be a potential victim.