Approximately 20 percent of Americans over the age of 65 have been victimized by some form of financial abuse, with the average loss per victim exceeding $120,000. While financial abuse is sometimes perpetrated by family members or “friends,” it is often the result of organized online and telephone scams. According to a recent study by Wells Fargo, nearly half of all seniors report that they know someone who has fallen victim to a scam. The Social Security Administration has issued a warning about scammers who pose as employees of the agency in an attempt to gather personal information about seniors. In one such scam, a senior receives a phone call with a recorded message claiming that his or her Social Security number has been suspended for suspicious illegal activity. The message provides a phone number that the person must call to rectify the problem and to prevent his or her
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