Posted on 8/24/2015 8:00 AM By Keith Savino
In my eyes, there is nothing more sickening than scam artists that prey upon our senior citizens. This segment of society is especially vulnerable to fraud, because of their trusting nature and polite manner. They are often uninformed of how technology can be used for nefarious purposes. Scams have become so sophisticated that often entire bank accounts are depleted in the blink of an eye. Senior Citizens nest eggs and life savings can vanish without a trace.
One in every five Americans age 65 or older has been abused financially, according to a 2010 survey by the Investor Protection Trust, a financial-education organization.
People 60 years and older were 26 percent of all fraud complaints tracked by the Federal Trade Commission in 2012 -- the most of any age group.
True Link Financial found that the overall cost of this fraud is 12 times previous estimates -- more than $36 billion worth. Previously, the most frequently cited estimate of the amount of money lost to elder financ ...