Preventing Financial Scams That Target the Elderly

The Federal Reserve’s Survey of Consumer Finances for 2010 indicated that households of people 65 and older possessed about one-third of the wealth in the U.S. 65-74 year olds control 19.3%, and households age 75+ control 13.9%.  Con men and crooks are aware of these statistics and go where the money is to run their scams.

Assemblywoman Melissa Melendez speaks out against financial scams targeting senior citizens. Recently, she was the head of a panel from the construction, insurance, automobile repair and law enforcement industries. The panel presented at the Murrieta Public Library and the panel’s goal was to educate the elderly in that community about ways they can avoid being scammed.

See Tom Sheridan, Experts Aim to Keep Seniors Safe From Scams, UTSanDiego.com, Mar. 29, 2013.