WASHINGTON, Oct. 4, 2022 /PRNewswire/ -- The rate of financial exploitation targeting older adults has more than doubled since the start of the COVID-19 pandemic, according to a new report from AARP. In the report, experts identify how the pandemic created new trends in financial exploitation—some of which are likely here to stay. The report also offers guidance on how the financial industry can combat future losses for millions of older Americans.
- In the report, experts identify how the pandemic created new trends in financial exploitationsome of which are likely here to stay.
- "Together, in collaboration with financial organizations, we can all do more to better protect the hard-earned assets of older adults."
- The report, titled " Responding to the Pandemic-Era Uptick in Financial Exploitation ," explores the different methods of financial exploitation employed by strangers and trusted others, such as a family member.
- While the report finds that financial exploitation has more than doubled in both categories, that's likely a modest estimate since exploitation of older adults is woefully underreported.