Elder financial abuse is fast becoming the crime of the 21st century.
A recent Metlife study showed that an estimated 3.2 million Americans were victimized by elder financial abuse in 2014. Seniors in the United States lose an estimated $2.9 billion each year to financial abuse. The average victim loses $30,000 in scams or abuse, and 1 in every 10 victims loses more than $100,000.
Many more victims never even report their losses, due to embarrassment or fear of retribution. It is shocking that so many vulnerable seniors are falling victim to the growing scourge of elder financial abuse.