NEW YORK (AP) — Boomers beware: Scams, frauds and other financial exploitation schemes targeting older Americans are a growing multibillion-dollar industry enriching the schemers, anguishing the victims and vexing law enforcement officials who find these crimes among the hardest to investigate and prosecute.
"The true con artists, who are in the business of making money off older folks through devious means, are very good at what they do," said Sally Hurme, a consumer fraud specialist with AARP. "They cover their tracks, they use persuasive psychological means to spin their tales."
Elder financial abuse encompasses a wide range of tactics, some perpetrated by relatives or trusted advisers, some by strangers via telemarketing and Internet-based scams.
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