The True Link Report on Elder Financial Abuse 2015 reveals that seniors lose more than twelve times what was previously reported.
The fraud research community has long suspected that losses due to elder financial abuse were worse than the $2.9 billion previously estimated. True Link’s data science team, looking for clarity and an accurate assessment of the problem, decided to tackle this question head-on.
The results of this research, The True Link Report on Elder Financial Abuse 2015, reveals that seniors lose $36.48 billion each year to elder financial abuse – more than twelve times what was previously reported. What’s more, the highest proportion of these losses—to the tune of $16.99 billion a year—comes from deceptive but technically legal tactics designed to specifically take advantage of older Americans.
According to Shawna Reeves, Director of Elder Abuse Prevention at the Institute on Aging, “Those of us working in the field have long known that the United States is in the throes of an elder financial abuse epidemic. Unfortunately, we've lacked well-designed studies capturing the true nature and scope of the problem. This study is a game changer. Not only does it challenge the previous studies but it serves as a clarion call for further research and action.”
In our 2015 report, you can learn more details about the size of the problem, how seniors are being targeted, what puts them at risk, and how to protect yourself and your loved ones. Other important findings include: