Elder Financial Abuse in California | Vulnerabilities

We know all too well that con artists prey on the elderly - commit elder financial abuse - in order to hijack their savings, trusts and estates. They use a wide array of scams, ploys, and phony financial programs from supposed annuities to highly dubious "investments." Swindling seniors is a $2.9 billion-a-year illegal industry, according to MetLife, with each victim losing an average of anywhere from $100,000 to $150,000, money that rarely gets recovered.

Why are senior citizens more vulnerable to manipulation? The harsh reality is that as we enter old age, our cognitive and reasoning abilities decline - sometimes elders will suffer from Alzheimer's or dementia. Pair this with an increase in available income from retirement funds and pensions, and you've created the circumstances in which elder financial abuse thrives. California, our nation's most populous state, is no exception.