1 of 4 | Many seniors were shown to be vulnerable to scams, including via phone calls, according to research conducted by researchers at Rush University Medical Center in Chicago. Photo by Sabine van Erp/Pixabay
NEW YORK, Sept. 25 (UPI) — Amid the rise in financial fraud and scams that target older adults, a new study found that a greater number of individuals are vulnerable to them than currently recognized, posing significant public health and economic threats to society.
In a behavioral experiment simulating a real-world government impostor, a substantial number of older adults engaged without skepticism. The results revealed that many, including those without cognitive impairment, are susceptible to fraud and scams.
The findings were published Friday in JAMA Network Open.
“It is crucial that we address the considerable challenges associated with elder fraud as a society, and this requires a deeper understanding of the extent of the problem and why certain older adults are vulnerable,” stated Patricia Boyle, senior author of the study.
According to Patricia Boyle, a professor of psychiatry and behavioral sciences at Rush University Medical Center in Chicago, such awareness “is absolutely essential for developing strategies to protect older adults from malicious actors.” She conveyed these thoughts via email to UPI.
“Our ultimate goal is to inform prevention efforts so that we can safeguard and support the well-being of older adults and individuals of all age groups,” she added. Boyle also highlighted that beyond financial losses, victimization can result in severe health consequences, including hospitalization and depression.
The study emphasized that “research on the vulnerability of older adults to fraud and scams almost exclusively relies on self-reported data, which has intrinsic limitations. Consequently, how older adults genuinely respond to fraud attempts remains unclear.”
To gain a better understanding, a fictitious government agency contacted older adult communities in the greater Chicago metropolitan area between October and December 2021 regarding “a potential compromise of personal information relevant to their Social Security and Medicare benefits.”
The individuals contacted were part of the Rush Memory and Aging Project, an ongoing cohort study examining chronic aging conditions.
The experiment involved 644 older adults, with an average age of 85.6 years, including 501 females and 143 males.
As detailed in the study, the participants were exposed to deceptive materials through mailers, emails, and phone calls from a live agent.
“Based on the phone call data, participants were categorized into three groups: no engagement (participants who did not answer the phone or call in); engagement (those who answered or called in but were skeptical about the legitimacy of the outreach and did not disclose personal information); and conversion (participants who answered or called in without skepticism, or confirmed that they did not change their personal information, or provided the last four digits of their Social Security number).”
Data analysis, conducted from February to August, revealed that a total of 441 (68.5%) participants did not engage, 97 (15.1%) engaged skeptically, and 106 (16.4%) converted.
“Older adults who engaged skeptically had the highest cognition and financial literacy, while those in the conversion group exhibited the lowest awareness of scams,” noted the study. “No differences were observed in psychological and other behavioral measures based on the levels of engagement.”
Dr. Meera Sheffrin, a clinical associate professor of geriatrics at Stanford School of Medicine, emphasized the spotlight cast on financial fraud targeting older adults in the study. She also addressed the issue of elder abuse when scams target elderly individuals with cognitive issues or dementia, stating, “I’m glad more attention is being paid to [the issue of] scammers who are preying on vulnerable adults.”
Sheffrin further mentioned that the estimation of the frequency of these occurrences relies solely on formal complaints, disregarding cases where victims are either too embarrassed or preoccupied to report them formally.
However, she questioned the ethical aspect of investigators impersonating a fake government agency to trick people into divulging personal information, a tactic employed in the study.
The participants were unaware of the possibility of being contacted or the occurrence of the study. They were only informed afterwards during an educational session about financial scams targeting older adults.
Dr. John A. Batsis, associate professor of medicine in the geriatrics division at the University of North Carolina at Chapel Hill’s School of Medicine, highlighted the significant data generated by the study.
“This is an important and understudied problem that may disproportionately affect underrepresented groups, as older adults are a high-risk group for such scams,” he said in an email to UPI. He expressed concern over the challenges vulnerable populations face, especially considering reduced social support and medical comorbidities.
Batsis also stressed the need for further investigation among groups with low financial literacy and individuals with dementia to confirm the study’s results.
Dr. R. Osvaldo Navia, the division chief of geriatrics, palliative medicine, and hospice at West Virginia University’s Ruby Memorial Hospital, acknowledged the well-designed study and its clear outcomes. Navia acknowledged the painful reality faced by older individuals who trust phone calls as a means of contact, making them ideal targets for unscrupulous individuals.
Navia pointed out a weakness in the study, namely the limited inclusion of minority groups, which prevents an accurate assessment of the full impact of financial scams on society. He also noted the study’s short duration of three months.
Nevertheless, Navia emphasized that the study highlights the susceptibility of older adults to scams and financial abuse, issues that are likely underreported. He identified cognitive deficits, limited social networks, social isolation, and loneliness as factors that make older individuals ideal targets for scams.
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