While seniors make up 11 percent of the population, they represent 30 percent of consumer fraud cases and 50 percent of telephone fraud. The reason for their susceptibility to fraud is due to several factors:
•Increased life expectancy, though not necessarily independence or quality of life during the later years, can impact judgement.
•A lack of comfort with communications technologies among some seniors is exploited by scammers.
•Many seniors, who have had a lifetime to acquire resources through homeownership and investments, have a relative degree of wealth that can be targeted.
The Pennsylvania Institute of Certified Public Accountants offers the following fraud prevention tips for seniors.
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