Senior financial abuse scams are a multi-billion dollar “industry.” Studies estimate the annual financial loss nationwide to be around $2.9 billion. In a recent New York State study, estimated annual losses for seniors in a subsample of New York State districts fell between $352 million to $1.5 billion, suggesting the national total may be substantially higher than previously estimated. Although it can be difficult to measure the exact extent of the total financial loss, we know that these crimes are on the rise and continue to deprive seniors of their savings and assets.
Download Senior Financial Fraud and Abuse
Part of a series of 8 fact sheets on topics of senior financial fraud and abuse developed with the National Adult Protective Services Association (NAPSA).