Free Consumer Education Program Trains Seniors to Avoid Financial Scams
ORANGE, Calif. (March 17, 2020) – As part of their continued fight to end elder abuse, American Advisors Group (AAG), the leading provider of home equity solutions for retirement, has renewed its partnership with the Better Business Bureau Pacific Southwest (BBB PacSW) to extend the Savvy Seniors Program. The senior-focused fraud prevention program will host sessions across Southern California and Arizona aimed at coaching active seniors on how to recognize targeted fraud such as grandparent, Medicare, power-of-attorney and email scams. Lessons also include financial spending tips and information on other programs aimed at empowering the senior community.
“It’s a pleasure to continue to work alongside the BBB and help our senior community stay safe against financial criminals,” said AAG Chief Marketing Officer Martin Lenoir. “All of our customers are older Americans and our number one goal is to make sure they’re able to achieve the retirement they deserve. This program helps take that promise to another level.”
Each year, senior citizens lose more than $36 billion to financial fraud, however, far more unreported incidents may take place. The U.S. Department of Justice reports that senior citizens are less likely to report fraud because they don’t know who to contact, don’t know they have been scammed, or are ashamed to tell their family.
According to BBB PacSW, the average victim of senior-focused fraud:
- Was 47% more susceptible to scams than other age groups
- Was most frequently targeted by investment scams, vacation scams, tech support scams, sweepstakes/lottery scams, and home improvement purchase scams
- Was most at risk to romance scams between the ages of 55-64
- Used a credit card as a top method of payment to scammers
- Was most commonly contacted by scammers via online methods
- Aged 55-64 lost an average of $200 when scammed, while those 65 and over lost double at $400 per instance of fraud
“Unfortunately, seniors are frequently targeted by unscrupulous business practices,” said BBB Pacific Southwest VP & General Counsel Michael Sedio. “By partnering with AAG on the Savvy Seniors Program, we can help ensure that local seniors are empowered with the tools to avoid being victimized and have the confidence to recognize threats to personal and financial well-being.”
This marks the third year that AAG has sponsored the Savvy Seniors Program. Over the years, the program has continually expanded from its San Diego origin, and now hosts seminars throughout Southern California and Arizona. This year, the program will be expanding its online digital education footprint to help inform seniors who are unable to attend sessions in person.
For more information and a complete list of upcoming seminars, seniors can go to:
For Immediate Help
If a family member suspects that their loved one has been involved in a scam, they are encouraged to contact the U.S. Senate Special Committee on Aging’s Fraud Hotline.
AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary reverse mortgages, that are designed to give seniors a better financial outcome in retirement. Following the asset acquisition of AAG by FAR in April 2023, FAR and AAG together make up one of the largest reverse mortgage companies in the US. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.
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