Elderly people are vulnerable to fraud and financial abuse. The reasons are multiple: isolation, weakening mental and physical condition, memory loss and lack of knowledge about today’s markets and technology.

According to New York State Elder Abuse Prevalence Study, only 1 out of 44 cases of financial abuse Is reported, usually because the victim is too ashamed to report the incident. Even in 2010, an estimated cost of financial exploitation against the seniors was $2.9 billion.