Elder financial exploitation impacts approximately 10% of older Americans annually, translating to over $28.3 billion in losses, primarily by known perpetrators like family or caregivers.
AARP emphasizes that without comprehensive data on elder financial exploitation, especially in communities that face discrimination, addressing this issue in all demographics remains a significant challenge.
FinCEN reported that perpetrators unlawfully took or attempted to take over $27 billion from older adults aged 60 and above in just one year, highlighting the urgency of combating this issue.
The lack of reliable data on elder financial exploitation is a major barrier; historically marginalized communities especially suffer from underreported incidents due to fear and shame.
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