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Complete Story
02/20/2024
Older people lose $28B to scams, maybe due to a more trusting nature
Investment News
Older people may be at greater risk of missing warning signs that suggest a potential scam from someone they know, according to new research from the University of Florida.
An AARP study in 2023 found that $28.3 billion is lost annually by victims of elder financial exploitation in the United States alone, and the sad fact is that three-quarters of the total is stolen by people that the victims know.
Many of these scammers are family members or friends who prey on the victim’s trust to steal life savings, or misuse their funds, property, or assets.
The UF study found that older people are more likely to rely on their first impressions of someone they know, rather than consider patterns of behavior that could suggest something is not right, whereas younger adults were faster to pick up on warning signs.
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