Fraud Files: Older Consumers At Higher Risk

Fraud has been a hot topic this year, between fake IRS scams and retailer data breaches. However, one segment of the population may be especially at risk. Millions of seniors are being taken advantage of financially – in the form of inappropriate investment, unreasonably high fees for financial services, or other forms of fraud. It's estimated that almost one in five Americans over age 65 has been a victim of elder financial abuse.

As CPAs, we are always looking out for our clients and their needs. Each client's needs are different, and we are especially aware of the tactics used to target older individuals. We do everything we can as CPAs to protect our clients and their investments. Here are some of the tips the AICPA has for older clients or those who are in a position to help them combat fraud.