About 1 in 6 Americans are age 65 or older, and that percentage is projected to grow. Older adults often hold positions of power, have retirement savings accumulated over the course of their lifetimes, and make important financial and health-related decisions – all of which makes them attractive targets for financial exploitation.

In 2021, there were more than 90,000 older victims of fraud, according to the FBI. These cases resulted in US$1.7 billion in losses, a 74% increase compared with 2020. Even so, that may be a significant undercount, since embarrassment or lack of awareness keeps some victims from reporting.

Financial exploitation represents one of the most common forms of elder abuse. Perpetrators are often individuals in the victims’ inner social circles – family members, caregivers or friends – but can also be strangers.

When older adults experience financial fraud, they typically lose more money than younger victims. Those losses can have devastating consequences, especially since older adults have limited time to recoup – dramatically reducing their independence, health and well-being.

Article originally published on June 11, 2024, at The Conversation. To read the complete article, please click here.