Elder Fraud Epidemic: How Banks Are Failing Seniors
NEW YORK (MainStreet)--Elderly Americans have money. Their numbers grow daily. In some cases their mental capacities are diminishing. "It a horrible perfect storm for scams," said lawyer Steve Weisman, who teaches elder planning at Bentley University in Waltham, Mass. "The elderly are 12% of the population and 30% of the scam victims."
The Consumer Financial Protection Bureau estimates the extent of elder fraud at $2.9 billion - but the federal agency acknowledges that for every case that comes to the attention of law enforcement, 43 go unrecognized.
Add in the size of the country's elderly population - 50 mllion, with another 100,000 Baby Boomers joining the ranks daily - and this becomes a crime with exponential growth.
Elder fraud experts also say - loudly and in many cases angrily - that financial institutions could be doing a lot more to prevent a substantial amount of elder fraud.
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