Frauds perpetrated against senior citizens are estimated to cost victims $2.9 billion each year. The Senate Committee on Aging, which operates a hotline for reporting such frauds, recently put out a report showing the types of senior frauds that were reported most frequently in 2018, when more than 1,500 people called the hotline.
But calls to the hotline are just the tip of the iceberg. Kansas Attorney General Derek Schmidt told a committee hearing that authorities may uncover just one out of every 24 cases of senior fraud. He estimated that one out of every 10 Americans who are 65 or older and living at home will be a victim of abuse. Click through to learn about the most prevalent types of fraud.
