Elderly Americans Lose $3 Billion Annually Scams: TDA Offers Solutions
Not only is losing money to scams potentially catastrophic for the elderly victims but also their loved ones who are their potential heirs
SCHAUMBURG, ILLINOIS, UNITED STATES, June 15, 2021 /EINPresswire.com/ — According to the National Council on Aging, Seniors in the United States lose $3 billion a year in scams. Since most people over 65 rely on retirement funds and fixed income, losing money is particularly devastating. Younger people can find ways to generate income to cover losses, but the elderly are more vulnerable.
Not only is losing money to scams potentially catastrophic for the elderly victims but also their loved ones who are their potential heirs. They may put money aside for their children and grandchildren only to find that it has vanished through identity theft, investment scams, and lottery or sweepstakes frauds.
Why Are the Elderly Targeted in Scams?
According to the National…