RALEIGH-- A state official is warning that the elderly are being targeted for financial scams. Secretary of State Elaine Marshall say this problem costs seniors an estimated $2.9 billion a year.

Marshall says at the age of 60 or 70 it is impossible for people to earn this money back.

"What we're talking about is senior citizens who have assets, who but because of those assets become a magnet, a target for people to scam them," she says.

Marshall says the scam artists convince seniors to turn over management of their money or invest in what ends up being a total fraud.

"We were able with a coalition of other people to make it easier for banks to freeze assets when they see conduct that is out of character for people. And it allows banks to make inquiries to us and other people without it being a violation of their duty, so that hopefully the assets won't get frittered away and into the hands of a wrongdoer," she says.

She says it is important financial abuse is reported quickly, so authorities can save all they can.

You can find out more at sosnc.com.