Keywords
Fraud, senior citizen, elder abuse, epidemic, scam, government
Abstract
In 2011, a landmark study was published by the Metlife Mature Market Institute claiming that nearly $3 billion disappears from the wallets and bank accounts of senior citizens annually. More surprising is that a similar study reported that figure could be as high as $36 billion. Because so many seniors let incidents of fraud or financial deceit go unreported, there is a huge discrepancy in annual reporting. This contributes to the overall lack of understanding we have of elder financial abuse, or why seniors continue to lose to fraudsters and scam artists. In a brief overview of financial elder abuse in America, I review why senior citizens are so important to American society, why they are being scammed, and what the government is doing to protect seniors from becoming victims of fraud in the future.
Recommended Citation
Brown, Ryan E.
(2019)
"Boomers and Fraudsters: A Closer Look at the Financial Elder Abuse Cycle in America,"
Marriott Student Review: Vol. 3, Article 3.
Available at:
https://scholarsarchive.byu.edu/marriottstudentreview/vol3/iss2/3
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Marriott Student Review is a student journal created and published as a project for the Writing for Business Communications course at Brigham Young University (BYU). The views expressed in Marriott Student Review are not necessarily endorsed by BYU or The Church of Jesus Christ of Latter-day Saints.