Elder Financial Abuse Much Worse Than Reported, Study Says

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Senior citizens may lose nearly 25 times more to scammers than what is reported, according to a report by Comparitech, a consumer research organization based in the U.K.

Instead of the 200,000 cases of elder financial abuse that are reported annually to U.S. authorities, the actual number may be as high as 5 million, with losses of $27.4 billion a year, not the $1.17 billion that is officially reported, said Paul Bischoff, researcher and editor of Comparitech, which focuses on consumer issues in the United States, Canada and the United Kingdom. (Read more)