Much remains unknown about COVID-19, but there is one thing that has been consistent in the data from countries that have been most affected by the virus – senior populations are among the most vulnerable to the virus. In an effort to protect seniors and the population at large, governments have taken extraordinary measures to limit personal interactions, particularly with seniors and other vulnerable populations. However, such isolation can exacerbate another scourge to which seniors are particularly vulnerable: financial exploitation.
In addition to their wealth, seniors often exhibit several characteristics that make them particularly vulnerable to financial exploitation, including isolation from loved ones and various health concerns, sometimes including cognitive decline. Such issues can become particularly acute in times of stress. The substantially increased isolation caused by the spread of the virus and dictated by the government is a fraudster’s ideal scenario, a perfect storm in some ways.
This article first appeared on Investment News on April 6, 2020. To read the full article please visit Investment News. A subscription may be required.
This is part two of a piece published on March 24, 2020. Click here to read more about the first article.
*Taylor Anderson, Law Clerk (NY Bar Admission Pending) also contributed to this article.