SAN FRANCISCO (KGO) -- By now you heard that elder fraud is exploding, but where is it coming from? Michael Finney has another 7 On Your Side Quick Tip for you!
Financial publication Kiplinger's magazine recently conducted a poll to find out where fraud against the elderly originates, and what they found is a bit surprising. Family members are responsible for about 5% of the time -- not bad considering. Online clocks in at 11%, a huge increase over family members, but still not that bad. Then we go to financial planners and stock brokers -- the number goes up to 16%; you would expect it to be probably even higher than that. Caregivers make up 21%, which very scary: the people we pay to help the elderly are ripping them off. Finally phone calls are the number one source of fraud against the elderly. 47% of fraud comes over the phone. These are numbers you should share with everyone you know who is elderly -- or on their way to being there.
Take a look at more stories and videos by Michael Finney and 7 On Your Side.
QUICK TIP: Who is scamming your elderly loved ones?
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