Financial scams disproportionately affect older adults, with a stark increase in incidents reported in recent years. In 2023, scams targeting seniors resulted in over $3.4 billion in losses, a 14% increase from 2022. Common scams include lottery and grandparent scams, as well as more complex ones like reverse mortgage scams aimed at older homeowners. It's crucial for seniors to consult someone trustworthy before making financial decisions, especially regarding transactions involving power of attorney or financial aid to avoid being exploited by fraudsters.
Scammers often prey on older individuals who may struggle with new technology, leading to an increased risk of falling victim to financial scams.
In 2023, over $3.4 billion in losses were reported due to senior fraud, representing a troubling 14% rise in complaints compared to the previous year.
A significant warning sign for reverse mortgage scams is when someone insists on needing a power of attorney to finalize the process.
Given that those over 50 make more purchases via phone than any other age group, telemarketing scams remain a primary threat for this demographic.
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