Elder Fraud Costs Missouri Seniors Over $800 Million Per Year

Missouri’s seniors are susceptible to fraud and it’s costing them millions of dollars each year. According to data from a study conducted by research company Comparitech, Missouri seniors lose up to $800 million annually. That includes cases of elder financial abuse and exploitation. The company defines that as the misappropriation or abuse of financial control in a relationship where there’s an expectation of trust. Nationwide, more than 200,000 scams and financial abuse cases are reported, resulting in $1.17 billion in damages. It’s estimated that those figures represent fewer than half the total cases that go unreported. Comparitech says the actual figure is closer to five million cases of fraud resulting in over $27 billion a year.

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You can read the entire report at www.comparitech.com/blog/vpn-privacy/elder-fraud-by-state/.