According to a study, seniors lose approximately $2.6 billion each year to financial fraud. People over 50 are often targeted because scammers know they are trusting of others in the marketplace and rely heavily on telephone communication. Some signs an elderly parent may be targeted include receiving 20 or more unknown calls per day or junk mail from scammers. Common phone scams include impersonators claiming to be from credit card or government agencies seeking personal information, or pretending to be a grandchild in trouble. Seniors should be wary of any requests for private details and verify suspicious calls by contacting agencies directly.