One of the prominent areas of elder abuse is the financial exploitation of older Americans, including financial abuse by acquaintances and financial fraud by strangers.
In 2023, elder fraud complaints rose 14% with losses exceeding $3.4 billion, averaging $33,915 per victim. The FBI's report notes tech support and investment scams as major threats, with investment scams causing over $1.2 billion in losses.
Authorities advise verifying identities in emergencies and using trusted contacts for financial accounts to prevent fraud. Suspected victims should contact the FBI or submit a complaint online.
KRLD's John Liddle talked about elder financial abuse with CBS News money expert Jill Schlesinger.
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