You love your parents but sometimes you might worry about them. There are many different scams going around that are aimed at elderly people. You might be worried they will fall victim to a financial scam and lose their savings.
Financial scams that revolve around seniors are becoming more common. But why do these scams target this particular group of people?
Here are a few reasons elderly people are singled out by scammers:
They have money
Many seniors who are retired have good finances. Though retired people no longer have an income they likely own their home and have a savings account. These secure finances can make elderly people a good target for con artists and scammers since they have the money to give.
More trusting
There is a stereotype about older people that they are more trusting. Many elderly people are often seen as gullible by con artists. They might be more likely to have a phone conversation with someone they do not know or buy into a sad story online. This makes them an easy target for scammers as they might seem more likely to give their money away.
Unawareness
Another reason financial scams might focus on seniors is a perceived unawareness older people might have. Many seniors are not as fluent with technology or the modern climate. This might mean they may not be as aware of financial scams or the signs of being conned. This is another way elderly people might seem like an easy mark for con artists since they might not even realize they are a victim.
People ages 60 and older may be more likely to be victims of fraud and scams for many reasons. Being aware of current scams and the signs of fraud is essential to help protect your loved ones who might be more vulnerable.
