“AAG’s entire customer base is senior citizens, and as a company, we care deeply about their well-being and quality of life,” said AAG Chief Executive Officer Reza Jahangiri. “As part of our commitment to help seniors live their best retirement, we are proud to continue the Savvy Seniors partnership with BBB. This program gives older Americans valuable information to help protect themselves from being targeted by financial scams and fraud.”
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 data, last year victims of senior targeted scams in the Southwest US:
- Lost an average of $500 per senior
- Were most frequently targeted by investment scams, vacation scams, tech support scams, sweepstakes/lottery scams, and home improvement purchase scams
- Were most commonly contacted via telephone calls
“Unfortunately, seniors are frequently the target of unscrupulous business practices,” said BBB Pacific Southwest VP & Chief Operating Officer Michael Sedio. “By partnering with AAG on the Savvy Seniors Program, we can help ensure that our local seniors are able to recognize these scams and provide tips on how to avoid becoming a victim, as well as what to do if victimized by a fraud.”
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 is dedicated to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. As the nation’s leader in reverse mortgage lending, AAG offers a suite of home equity solutions — including federally-insured Home Equity Conversion Mortgages, traditional and proprietary mortgages, and real estate services — that are designed to give seniors a better financial outcome in retirement. AAG is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). To learn more about AAG and reverse mortgage loans, please visit the company’s website at www.aag.com.
American Advisors Group, NMLS #9392, 3800 W. Chapman Avenue, Orange CA 92868
SOURCE American Advisors Group (AAG)
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