01-13-25 ARI News AM

Today’s Story

Scams targeting retirees are on the rise, costing victims billions of dollars annually. Michelle Singletary, a personal finance columnist, highlights heartbreaking cases where retirees have lost their life savings to fraudulent schemes. Common tactics include impersonating government officials, fake investment opportunities, and romance scams, which exploit retirees’ trust and vulnerabilities.

As financial fraud evolves, experts stress the importance of education and vigilance. Retirees are encouraged to consult trusted financial advisors, verify all communications claiming to be from official entities, and avoid sharing sensitive information over the phone or email. Family members can play a critical role in safeguarding their loved ones by staying involved and alerting them to potential threats.

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Did you know that seniors aged 65 and older lose an estimated $2.9 billion each year to financial fraud, according to the National Council on Aging?