From false love to winning the lottery: Here are common financial scams that target seniors

Financial scams are as old as the concept of currency. But consumers’ vulnerability to scams has seemingly increased in the twenty-first century, when the Internet and devices like smartphones have enabled scammers to gain access to potential victims’ financial information and even gain virtual entry into their homes.

Seniors are targeted by financial scammers with such frequency that the term “elder fraud” has entered the English lexicon and is now widely recognized as a notable threat to individuals age 60 and older. In recognition of that threat, the Elder Justice Initiative aims to support and coordinate U.S. Department of Justice efforts to combat financial fraud that targets older adults. Those efforts are ongoing and include a number of initiatives to educate older adults about elder fraud, including warning seniors about some notable scams that criminals use to target older adults.