Older Americans are increasingly being targeted by financial scammers in the wake of the economic downturn, reports the Wall Street Journal this week. Counting about one in every 10 Americans over the age of 65 falling victim to financial crimes is a rising problem and it’s underreported, making it harder to track.
The scams are also expensive to investigate and shut down. 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