Financial scams targeting the elderly are unfortunately very common. According to the National Council on Aging, financial scams targeting seniors are estimated to cost older Americans up to $36 billion annually.

Some common types of financial scams targeting the elderly include fraudulent telemarketing schemes, identity theft, fake charity scams, and investment scams.

Families can protect their elderly loved ones from financial scams by educating them about common scams, monitoring their financial accounts for any suspicious activity, setting up direct deposit for income sources, and having open communication about financial matters.

If a family suspects their elderly loved one has fallen victim to a financial scam, they should report it to the appropriate authorities, such as the Federal Trade Commission or local law enforcement. They should also contact their loved one’s financial institutions to prevent further damage.