Financial scams that target older Americans are on the rise, now comprising more than a quarter of all financial scams in the U.S. reports the Wall Street Journal.
And the changes of being scammed among those 65 and older is one in 10, according to the report.
The scams are also expensive to investigate and shut down, and they’re underreported, making them hard to find in the first place. Unless the scams amount more than $100,000, they are not likely to be investigated at all. Yet a post-recession era is making them all the more widespread, WSJ writes.
“Cheap Internet phoning, emailing and rapid fund-transfer technology make it easy to contact—and swindle—potential targets,” the WSJ writes. “People strapped after the financial crisis can be more apt to fall for get-rich-quick schemes. They can lose thousands of dollars or more before families notice.”
The WSJ details several instances of elder financial fraud, noting scams based on fraudulent stock tips and phony investments as remaining widespread.
Written by Elizabeth Ecker