Senior citizens are a prime target for financial scammers, whether it’s through the Internet or a telephone call.
A 2010 study conducted by infogroup/ORC found that close to 20 percent of elderly Americans, about seven million people, had experienced financial losses from “an inappropriate investment, unreasonably high fees for financial services, or outright fraud.”
Colorado Public Radio reports that a more recent study, conducted by Allianz Life Insurance, actually found that number to be closer to 40 percent, based on responses from elderly caregivers.
For this reason, according to CPR's report, the Colorado recently adopted a program called Senior$afe to engage financial professionals in recognizing the warning signs of fraud.
Colorado’s Division of Securities recently held a training presentation at a Colorado credit union to educate bank employees about red flags, like sudden, significant withdrawals and attempts to wire large sums of money, to help prevent scam artists from defrauding their elderly clients.
Senior$afe also provides education for seniors and their families about ways to safeguard against scam artists and fraudsters.
The Texas Attorney General’s Office offers similar resources on its website.