Elder financial fraud may be worse than thought, study says

The likelihood that a senior who has been the target of financial exploitation will be targeted again is high, and the incidence and financial impact of elder financial abuse may be worse than previously thought, according to the 2016 “Safeguarding Our Seniors Study” commissioned by Allianz Life Insurance Co. of North America.

Allianz originally commissioned the study in 2014 and canvassed family and friends of seniors in an attempt to determine the extent of elder financial abuse. That study revealed that about 20 percent of respondents reported knowing an elder who had been the victim of financial abuse.

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