It’s sad, but true: Seniors are often targets of financial fraud, and it is costing them big.
According to the Certified Financial Planner Board of Standards, the average senior victim of fraud loses about $140,500. That’s a fairly significant amount of money, especially considering that many seniors are living on a fixed income.
If you have older relatives, it’s important to be on the look out for financial abuses and outright fraud.
Here are some of the senior fraud and scams to be on the watch for:
Social Security and Medicare Scams
One of the ways that many seniors are scammed is through fraudsters claiming to be associated with Social Security and Medicare.