Age of fraud: Are seniors more vulnerable to financial scams?

Not only are older people heavily targeted by scammers, but surprising data suggest that, as we get older, we become more vulnerable to fraud in so many of its forms.

With an aging population this is an elder justice issue, a personal finance issue and a public policy issue. It’s hard to pin down the numbers: A study out of New York state estimates as few as one in 44 cases are ever reported, and studies have calculated that older people lose anywhere from $2.9 billion to $36 billion each year from financial exploitation.