Fraud on Retirees and Retirement Funds

While technically not a separate category of fraud, because senior citizens are often targeted by fraudulent operations, it is useful to focus on the types of schemes used to take money from older persons.  This page is designed for those who assist the elderly or for senior citizens who want to be forewarned and prepared.  Its focus is to recognize how fraud schemes are modified to target seniors.

Usually the perpetrator assumes that the older victim is not as familiar as a younger person with current business practices and customs.  It is not uncommon for an elderly person to be more susceptible to pressure and more easily misled and confused.  The senior often has a home with significant equity and good credit.  Their savings account and cash value of life insurance is also targeted.