“Financial scams targeting seniors are grabbing a larger share of the headlines these days, as law enforcement and government, including the new Consumer Financial Protection Bureau, seek to squash this growing crime.
Almost daily, there’s a new ploy that emerges, seeking to tap into the large amount of money older Americans have in their bank accounts.
‘I call it the ‘scam du jour syndrome’,” says Bob Blancato, the national coordinator of the Elder Justice Coalition. “New ones pop up on a regular basis,” often tied to local or national events, investments or the well-being of a family member.
Annual losses from elder financial fraud jumped 12% to $2.9 billion in 2010 from $2.6 billion in 2008, according to the MetLife Study of Financial Elder Abuse.
Find out what the top 10 scams are: