Seniors lose an estimated $2.9 billion annually from financial exploitation, according to the Senate Special Committee on Aging.
Impersonating the IRS was the No. 1 scam targeting seniors in 2018.
More than 1,500 seniors across the country contacted the committee’s fraud hotline in 2018; however, Kansas Attorney General Derek Schmidt said in recent testimony that only 1 in every 24 cases of elder exploitation gets reported.
“Despite that under-reporting, statistically one in every 10 Americans age 65 or older who lives at home will become a victim of abuse,” he wrote.
Here are the top 10 scams targeting seniors last year, according to the Senate aging committee’s 2019 Fraud Book: