The number of consumer complaints about financial fraud is soaring as the Internet allows scammers into people's homes, according to a new report by the Center for Retirement Research at Boston College. In 2010, Americans filed more than 1 million financial fraud complaints with the FTC, up 25 percent in three years. An FTC survey taken in 2005 found that 30 million people--13.5 percent of the nation's adults--had been the victims of financial fraud in the past 12 months.
Things are only going to get worse, says Kimberly Blanton, the author of the report. That's because millions of boomers will experience cognitive declines as they age, turning them into a growing pool of sitting ducks. According to research, one in five individuals aged 71 to 79 shows cognitive impairment that can hinder the ability to detect fraud, a figure that rises to half among people in their 80s.
Source: Center for Retirement Research at Boston College, The Rise of Financial Fraud
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