Elderly people are often targeted for financial scams. It’s very important for family members to keep an eye out. These scams can happen in many different ways, such as online scams, telephone scams or even financial scams run in a nursing home or assisted living center.
But why is it that the elderly are particularly the focus for many of these forms of fraudulent activity? What is it about this age group that causes people to target them? Below are two potential reasons.
1. They have financial assets
First and foremost, elderly people often have a significant amount of financial assets. They may have their life savings, which they were planning to use to retire. They may have significant assets, such as investments or real estate. They often have good credit. The Federal Bureau of Investigation points out that all of these factors are attractive to scammers simply because they have more to gain. Targeting someone in their 70s with a net worth in the millions is much more lucrative than targeting a younger individual who hasn’t had as long to acquire assets.
2. They are a vulnerable population group
Additionally, there are certain vulnerabilities within this age group. Someone may be suffering from Alzheimer’s or dementia, making it easier to scam them because they become confused or won’t remember what has happened. Someone who lives in a nursing home may be dependent on their caregivers, who then exploit these power dynamics in order to scam them out of financial resources.
Exploring your legal options
Do you have an elderly loved one who has been victimized by financial scams? It’s important to understand exactly what legal options you have, and it may help to work with an experienced law firm at this time.
