It’s baffling to realize that senior citizens in the United States lose more than $3 billion annually
just from fraud. Due to the financial exploitation of this generation, it has become increasingly important for banks to ensure the safety of their elderly customers through education.
At Farmers State Bank, it’s our goal to maintain the security of your private information and protect you and your loved ones against fraudulent activity and scams.
Why Are Seniors Targeted So Much?
Senior citizens fall victim to fraud every single day. But why are they targeted so frequently? It unfortunately has to do with their unfamiliarity with online and over-the-phone transactions because they didn’t grow up with this technology. Fraudsters also exploit memory loss and know how to pull on seniors’ heartstrings in just the right way.
Types of Elderly Financial Scams
Here are a few common and less-common ways seniors are being directly targeted: