The Victims
Any person can become a victim of a financial scam. However, many older adults are at a higher risk for falling prey to a fraud or scam for various reasons. Older people who are lonely or have experienced a recent loss are often more vulnerable to scams and frauds as they are emotionally more open to engaging with people claiming to offer help or advice. Most older adults grew up in a different time, when etiquette required responding to a polite inquiry or plea from a stranger. These older adults have not developed the guarded nature towards interactions with strangers that younger generations have done. Older individuals who have physical or mental disabilities or low amounts of financial literacy are also more susceptible to financial fraud and abuse. Plus, studies have shown that the ability to discern between trustworthy and untrustworthy situations diminishes with age.