The elderly are the most targeted and the most victimized by financial exploitation, according to the FBI. The agency’s Elder Fraud Report: 2023 finds that complaints to the FBI rose 14 percent from 2022, and that total losses rose 11 percent. In 2023, the financial loss by the average elderly person making a complaint to the FBI was $33,915, while close to six thousand elderly persons lost more than $100,000.
These figures are more understandable when you realize that 1 in 6 Americans are age 65 and older, and the average age in this country continues to rise. Today people are living longer, they tend to be wealthier than earlier generations, and increasing isolation and prevalence of technology are making the elderly more susceptible to financial scams and predators.
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