According to the National Council on Aging (NCOA), financial scams targeting seniors have become so prevalent they are now considered “the crime of the 21st century.”
Seniors are a big target for common money scams and identity theft for several reasons. First, seniors typically, or are thought to, have large amounts of money in their various accounts, own their own home, and/or have good credit. In addition, financial scams often go unreported, so they are considered a “low-risk” crime. This is especially true with seniors because 1) they might not know who to report to, 2) are too ashamed they have been scammed, or 3) are completely unaware they have been scammed. However, when financial scams are reported, seniors tend to make poor witnesses. With the effects of age on memory, con artists are counting on seniors not being able to name key details or descriptions. Finally, fraudsters believe they can fluster seniors in several scenarios, so they believe there is a better chance seniors will act on their emotions and do something sudden. This “must act now” attitude has gotten many seniors in trouble.
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