People over 60 reported more than $1.7 billion lost to fraud and scams in 2021, according to the FBI’s 2021 Elder Fraud Report. These older adults reported both the most incidents and the highest losses of any group in the report.
But that doesn’t mean you need to single out your grandparents for a phishing lesson at the next family gathering. Research shows that older adults can have additional risk factors, but everybody gets targeted by scams, and everybody gets better at avoiding scams when they’re well-informed about them.
Family members and caregivers all probably have stories to tell about their own experiences with attempted scams. That’s why Taylor Patskanick of the Massachusetts Institute of Technology’s AgeLab recommends a “multi-generational conversation” on the subject.
Open conversations about fraud and financial exploitation could help older adults avoid scams — but the younger participants could probably use a reminder, too.
Here’s what you should know to help make that conversation helpful to everyone involved.
Addressing risk factors for fraud
A growing body of research shows that there are several factors common among older adults that are correlated with increased susceptibility to scams. Here are a few examples:
The lack of knowledge was also a concern for a panel of adults age 85 and older discussing fraud and financial exploitation at the MIT AgeLab.
“We heard them talk a lot about really lacking information — very specific information…
