The Consumer Financial Protection Bureau said it has launched an investigation to learn more about the many ways in which older Americans are financially exploited.
The CFPB said Thursday Americans ages 60 and up lost at least $2.9 billion to financial exploitation in 2010, citing a recent study. From 2008 to 2010, the study showed a 12% increase in the amount of money scammed from seniors.
Research has found that women are more likely to be victimized than men and that senior financial exploitation is most frequently perpetrated by family members and other persons in a position of trust, the CFPB said.
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