Elderly financial abuse and scams total above $36 billion a year

The Better Business Bureau told ABC 17 News taking advantage of the elderly isn’t as common as other age groups, but it can be the most costly, especially when it comes to fraud crimes like home repairs.

According to a national advocacy group for elderly people, financial abuse and fraud to older Americans cost more than $36 billion a year.

Here in mid-Missouri, a Moberly man was charged last week in Randolph County after being accused of stealing thousands from an elderly couple. Kevin Ridgeway, according to court documents, never finished renovations on the home after a fire back in 2015.

ABC 17 News spoke with the Ridgeway family which said it is confident he will be cleared of all charges.

Sean Spence with the Better Business Bureau told ABC 17 News to prevent yourself or your loved ones from being a target there are some steps you can take like getting the agreement in writing, checking references, and not giving all the money up front.

“It happens so often,” Spence said. “Understandably they may need some money to start the work, but don’t give it all to them until you see the work done.”

Some other common scams that target the elderly include IRS, lottery and technical-support scams.