Senior Citizen Tax Scams Warning 19 Feb 14

The State Commerce Department is asking tax preparers to be on the lookout for any signs of senior financial abuse this tax season. Commerce Commissioner Mike Rothman says Minnesota’s licensed tax professionals have the skills to see the signs that their clients may be the victims of financial abuse, and that a recent survey shows one in five citizens over the age of 65 have already been victimized by a financial swindle. Rothman says that more than 80-percent of elder financial abuse cases go unreported, and that protecting the elderly and vulnerable consumers is a top priority for him. He says seniors control 70% of the nation’s wealth, making them an easy target for scams and financial swindle.