If this year is anything like last, baby boomers and older Americans should be on guard this holiday season. Instances of financial abuse and fraud against the elderly increased from November 2010 to January 2011, according to a recent report from MetLife, which found overall investment fraud targeted towards older Americans is on the rise.
Americans over the age of 65 lost nearly $3 billion to financial abuse from April to June 2010, up 12% from the same period in 2008, according to the report. During that time, 51% of the fraud cases reported were perpetrated by strangers, 34% by family, friends and neighbors and 12% by businesses.
But in a separate look at the holidays, MetLife reports fraud by family and friends increased to 45%.
With the baby boomer generation reaching retirement age and comprising 25% of the U.S. population, financial investment fraud is becoming a bigger and more problematic issue facing the country.
The NorthRead More »from Financial Fraud Against Older Americans Peaks this Holiday Season