While these news reports show the vulnerability of seniors to financial scams they only present a glimpse of a growing problem – the financial abuse of senior citizens, say experts. However, there is also the ever-increasing threat of online scams by strangers such as in the cases reported above. First, elder abuse cases in general – and financial abuse specifically – are overwhelmingly under-reported. So, if 1% of elder financial abuse is reported, imagine the actual number of seniors who are experiencing financial abuse. There are various types of scams, she says citing examples of government impostor scams, medical/ health insurance scams, investment scams, lottery scams, romance scams, charity scams and others.

Source: The Star October 01, 2021 08:02 UTC