Elderly Shown to Need Theft Safeguards

American seniors have lost an estimated $2.9 billion in financial scams in the last decade, and financial institutions need to do more to protect them, experts suggested at a meeting on Monday. June 16.

Jason Karlawish, MD, professor of Medicine and Medical Ethics and Health Policy, told the Philadelphia Inquirer that this is a public health problem and called for a “reboot” of the financial services industry.

“Who are these people selling stuff to seniors as their job?” he asked at a panel on financial abuse of the elderly, sponsored by the United Way in Center City. Though he hates the terms, he said, such people should become “senior certified” or “senior friendly.”

You can read the Philadelphia Inquirer article here.

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