Mediate Michigan

There’s a growing threat we also need to make our concern – financial fraud of the elderly.

One out of every five Americans over the age of 65 – 7.3 million seniors – has been victimized by a financial swindle, according to a recent survey by the Investor Protection Trust, a nonprofit education organization.

This survey is particularly troubling when you consider more than one-third of people over age 70 have some form memory impairment, according to a 2008 published study by a national team of university researchers. Cognitive problems make seniors more vulnerable to fraud.

Stealing from seniors adds up to more than $2.6 billion a year, according to a report released last year by MetLife Inc.’s Mature Market Institute, the insurer’s research organization.

via Lots of info out there on protecting seniors from financial fraud | lansingstatejournal.com | Lansing State Journal.