Elder Fraud, Scam Vulnerability

Why are the elderly more vulnerable to scams and fraud?  It’s often attributed to diminished brain capacity and the fact that retired people frequently have more assets and more time on their hands.

According to insurer MetLife’s Mature Market Institute, American seniors lose $2.9 billion a year to fraud – from a study by the National Committee for the Prevention of Elder Abuse and the Center for Gerontology at Virginia Tech.

UCLA researcher Shelley E. Taylor  says older people may fail to recognize untrustworthy faces as potentially dangerous.   “Older adults seem to be particularly vulnerable to interpersonal solicitations, and their reduced sensitivity to cues related to trust may partially underlie this vulnerability.” 

Being well educated and successful is no protection from elder scams and fraud.  The Parkers were “charming and personable,” but completely  unable to recognize they were victims of a cruel financial scam.  Attorneys were no help — the elder Parkers hadn’t been deemed incompetent, and it was their own money they were losing.

Your elderly loved ones can be victims of scams and frauds without being incompetent! Most victims of fraud and scams are NOT incompetent. You should not have to prove your elderly loved one was incompetent if they are a target of estate fraud crimes.