Financial expert offers tips to protect seniors from scams

MILWAUKEE (CBS 58) -- To close out Older Americans Month, which is held in May, Tony Drake of Drake & Associates joined us on Thursday, May 30 to discuss protecting older Americans from scams.

According to the AARP, criminals steal over $28 billion from senior citizens annually. Drake highlighted three red flags to watch for: sudden unexplained banking habits, unexpected changes to financial documents and unnecessary services.

He noted that scammers often target seniors due to their substantial savings, and most thefts are committed by acquaintances, including family or caregivers. Drake also discussed legislation being taken to help, such as the Financial Exploitation Prevention Act aimed at reducing fraud.