Financial advisor warns that scammers are focusing on seniors

MILWAUKEE (CBS 58) -- Criminals stole $12 billion through scams nationwide last year, with older Americans facing a disproportionate share of the losses, according to financial professionals.

Retirement-age adults are often targeted due to higher net worth and limited income replacement options.

Tom Neumann, a financial advisor with Drake & Associates, joined us Thursday, May 29 to talk about growing scam trends and protections during Older Americans Month. He mentioned some imposter scams, investor fraud and financial exploitation as primary risks to seniors, with imposter schemes alone quadrupling losses in 2024 compared to the previous year.

Officials recommend filing complaints with the state attorney general and the Better Business Bureau in the event of fraud. Family members can help by monitoring accounts, checking in on caregivers and encouraging open conversations.