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Financial Exploitation of the Elderly Costing Billions of Dollars

The National Council on Aging says financial exploitation costs older Americans billions of dollars each year.

Older adults may be easier target but there are some key warning signs to look out for according to Edward Jones Financial.

If your parent mentions something about a new friend, or romantic partner or caregiver, you have to be suspicious.

Especially if that new person takes a great interest in your parent's financial situation.

Another clue, would be several checks written to an unfamiliar person or business.

\"You might be viewing evidence of a financial scam,\" says Brenda Merschdorf of Edward Jones Financial.

If your parents suddenly decided to name someone news as their power of attorney or your parents say there is an unusual urgency to make an investment. 

\"No reputable financial professional would ever pressure them,\" warns Merschdorf.

And while it may seem like common senses, be sure to repeat to your parents to never give out personal information over the phone or online.

No matter how credible the person or group might seem to be. 

Scammers have gotten quite clever at impersonating legitimate businesses and organizations. 

Merschdorf's  live interview  Thursday on the CBS 58 News at 4 p.m. is attached to this story.

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