Senior citizens are more vulnerable than previously thought to financial scams impersonating the government, even if they do not have dementia, a new study has found.
Seven researchers from Rush University Medical Center and the nonprofit FINRA Investor Education Foundation published the study Friday in JAMA Network Open. Pretending to represent a phony government agency, one researcher contacted 644 older adults in the Chicago area about a potential compromise of personal information related to their Social Security and Medicare benefits.
“The findings of this study provide strong evidence that many more older adults than currently recognized, including many without cognitive impairment, may be at risk of victimization,” Mr. Mottola told The Washington Times. The most recent Federal Trade Commission statistics show older adults “filed close to half a million fraud reports in 2022 with a collective loss of over $1.5 billion,” the study noted.
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