The nonprofit behind a new study on financial abuse says it's unclear exactly how many elderly people are scammed in the U.S. each year, but the survey found the average senior citizen victimized by financial abuse loses more than $140,000.
The nonprofit organization Certified Financial Planner Board of Standards gathered the information for the study from more than 2,600 financial planners.
The group explained one common scam, called the "free lunch" seminar. Scammers market their educational presentations and entice older attendees with the promise of a free meal.
But experts say many times, the lunch leads to a sales pitch for investment products that come with misleading or fraudulent claims.
Seniors are also often overcharged for medical expenses or fall prey to reverse mortgage scams.
Call For Action reporter John Beard will have more on protecting seniors from financial fraud, including how they can be alert to these so-called "Free Lunch" seminars, tonight in 27 News at 5.
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