“Better record keeping is one of the things that is needed,” Bischoff said.
The rate of fraud varies from one state to another. For instance, in Nevada, one of the states with a high rate of elder fraud, seniors lose an estimated $742 million a year, affecting more than one-third of the elderly population.
Minnesota has a rate nearly as high. Comparitech estimated nearly 30 percent of Minnesota seniors are impacted by elder fraud a year, losing an estimated $988 million to the crime. The total estimated number of cases is just shy of 15,000 a year.
The full report with a state-by-state listing can be found here.