Has your client been scammed? Here’s how financial advisors can help

Scams to rob retirees of their savings are skyrocketing in the U.S. Unfortunately, many Americans have a habit of blaming the retirees instead of the criminals.

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A new study by AARP and FINRA found that 53% of Americans think financial fraud victims are “culpable” or “blameworthy” for succumbing to a scam. The survey, which questioned 1,000 U.S. adults, also found that 32% agreed with the statement, “Honestly, if you fall victim… a lot of that is on you.”?

This attitude gets baked into our language, the study says. News headlines say targets were “bilked” or “swindled,” emphasizing the passive exploitation of the victims instead of the cruel actions of the criminal. Even family members sometimes use this language when they learn an elder has fallen victim, making the situation even worse.

Nathan Place, FP’s retirement reporter, has a great piece on how advisors can make a difference in not only helping scam victims in the moment, but in helping others avoid the same fate.?

Read: How advisors can help older clients recover from scams

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