Senior Citizens Lost $2.9 Billion To Financial Abuse In 2010

The Consumer Financial Protection Bureau launched an inquiry into financial fraud and abuse against senior citizens Thursday, as studies showing that scams against the elderly are becoming more prevalent. Senior citizens lost $2.9 billion to financial abuse in 2010, a 12 percent increase from 2009, according to research from MetLife. 58 percent of respondents to a survey conducted by Investors Protection Trust said they encounter financial exploitation or fraud targeted at seniors “quite often” or “somewhat often,” and 96 percent consider it a “serious problem.” The CFPB is now seeking public comments about whether seniors are getting adequate financial education, and for examples of how they are being exploited.