Understanding the Risks of Financial Scams as Part of Elder Abuse Prevention

Abstract

Financial scams have been described as the crime of the 21 st century, representing a global challenge for agencies involved in the protection of older people at risk of financial abuse. Financial abuse is the second most common form of adult abuse, but traditionally research has focused on abuse which occurs within relationships of trust within families. Less is known about financial scams perpetrated by individuals or organisations unknown to the individual, and which specifically target older people. In part this is because financial scams are often underreported as victims can be reluctant to disclose their experience, posing challenges to those who have a safeguarding role. This paper discusses factors emerging from the literature which act as triggers for scam involvement. These include loneliness, emotional vulnerability linked to life events, cognitive impairment and mental capacity. The findings of a small exploratory qualitative study with older people and their carers (n=12) who have experienced financial scams will be discussed in relation to the literature. These provide unique insights into the experience of being scammed and the impact on individual health and well-being. Key themes will be discussed in relation to social work practice and integrated working across health and social care.

Mild Cognitive Decline Is a Risk Factor for Scam Vulnerability in Older Adults

“…In 83.7% of these cases, the victims were older adults, and there is a more prevalent rate of consumer fraud among older adults compared with the United States ( 2 ). As risk factors of financial fraud and scam victimization, Fenge and Lee ( 3 ) summarize psychological characteristics (e.g., emotion), social characteristics (e.g., social isolation or loneliness), and cognitive characteristics (e.g., cognitive impairment) from their small exploratory quantitative study in older adults.…”

What is a capable guardian to older fraud victims? Comparison of younger and older victims’ characteristics of online fraud utilizing routine activity theory

“…Although victims were generally socially integrated, they were more likely to live alone than their age group of older Americans in general and also less likely to seek advice on financial matters than non-victims. Social isolation is considered to be a risk factor in financial fraud ( Fenge and Lee, 2018 ) because it is associated with loneliness, as isolated persons can be more receptive to answering the calls of unknown telemarketing callers ( Langenderfer and Shimp, 2001 ), doorstep sales, and scam mails, and listen to sales pitches ( Lee and Geistfeld, 1999 ) simply for the opportunity to talk to someone.…”

Protection of the Elderly from Abuse in Jordanian Law

“…3. Financial Abuse: Financial abuse involves several forms, which threaten the elders' properties or income whether through fraud, robbery and expropriation of lands or movable properties (Economic and Social Council, 2012;Fenge, and Lee, 2018).…”