Protecting older investors from fraud through a personal financial risk assessment
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Older adults are more often the targets and victims of financial fraud. Moreover, older individuals are more likely to be targeted and lose money from fraudulent investment schemes.
As society becomes increasingly digital, and as populations age, internet scams may become more of a threat. The internet provides a cheap and effective means of targeting and soliciting a large group of vulnerable people in fraudulent email scams. Therefore, finding mechanisms to decrease susceptibility to fraud among older individuals will become increasingly important over the next few years.
Our research team set out to understand why older adults tend to be more susceptible to fraudulent situations, and how we can prevent this phenomenon.