Older people with money. Scam artists relentlessly prey on them. Why are the elderly more susceptible and more likely to become victims of a scam? The elderly are vulnerable to scams because they tend to be too trusting, gullible, live alone and don’t have someone watching over their finances. Loneliness also plays a role. The older generation are often grateful to have someone to talk to – not suspecting that the “nice man” on the phone may be preying on them.
Can anything be done about elderly investment fraud? “Many of us have a parent, friend or neighbour who would benefit from a friendly reminder that seniors are prime targets for scam artists. We can all help prevent them from losing their money, their dignity and their sense of security.
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