Elder fraud

A suit filed in federal court marks the third time in recent months that Charles Schwab and its affiliates have been accused of failing to prevent elderly clients from being swindled out of their life savings.

A lawyer for an 80-year-old claimant whose retirement accounts were drained says he's trying to force firms to do more to prevent scams.

Scams targeting individuals aged 60 and older caused over $3.4 billion in losses in 2023 — an increase of approximately 11% from the year prior, according to the FBI.

By blending empathy, pragmatism, prompt action and effective communication, financial planners can have an outsized impact on clients with dementia and their families.

The growing number of fraud victims who suffer staggering financial losses often find themselves having to pay Uncle Sam for their missing income, experts say.

By combining strategic queries with compassion and empathy, financial advisors can convey the message that older clients' legitimate fears around loss are understood.

Americans over age 60 reportedly lose $28.3 billion each year to fraud. The problem may be even worse than advisors thought, a new study says.

More elderly consumers are being diagnosed with Alzheimer's and dementia — making them vulnerable to scammers. Financial institutions are seeking special certifications to better equip themselves to help.

A 2018 law protects wealth managers who report scams against seniors — but it can only help them if they're aware of it.

Even before the collapse of FTX, concerns about cryptocurrency and other risky investments were keeping regulators busy.