Montana Seniors Lose $118 Million Yearly Due To Elder Fraud

A new Comparitech report estimates only 1 out of every 23.5 elder fraud cases are ever reported and may actually be costing American seniors more than $27.4 Billion a year in financial losses.

To calculate the full scope of the problem, Comparitech aggregated data from multiple studies on elder fraud in every US state, including the number of reports to authorities and average loss per case. We then used those numbers to estimate the total number of cases and total damages in each state, adjusted for the proportion of unreported cases. -Comparitech

In 2018, Montana had 1,676 elder fraud cases reported with over $5 million in financial losses. According to these new estimates, actual losses are likely closer to $117 million.

Elder Fraud in Montana: Stats and sources (from comparitech.com)

Crime Stats – 1,646 cases reported, the top being other types of larceny (64%), followed by false pretenses (12.76%) and counterfeiting/forgery (9.72%). In cases of intimidation, family members were the most common perpetrators.
$ figures achieved by taking the average dollar amount lost per case in the 11 states where these figures are published ($2,415) before multiplying by the report figure mentioned above.

The 5 U.S. States with the HIGHEST rates of Elder Fraud:

Nevada
Minnesota
South Dakota
Tennessee
Virginia

Here are some warning signs of Elder Financial Abuse to watch for from AARP:

Lack of knowledge about major financial issues
Physical frailty issues
Isolation
Questionable behavior of relatives

The National Center on Elder Abuse reports that 90 percent of the perpetrators are family members or people the victims know well, such as neighbors, friends or caregivers. -AARP

If you suspect Elder Fraud in Montana, call 1-800-551-3191 or visit the National Center on Elder Abuse website by CLICKING HERE.

To see complete report of Elder Fraud by U.S. State, CLICK HERE.

Source: Montana Seniors Lose $118 Million Yearly Due To Elder Fraud