INTERNET FRAUD AND SCAMS: A GROWING FORM ON ELDER FINANCIAL EXPLOITATION

Abstract

The older adult population is increasing rapidly throughout the world. This surge in numbers is accompanied by a rapid increase in the use of the Internet as a communication tool by elders. This allows scam and fraud perpetrators to reach older adults with schemes for winning lotteries, requests for financial aid from “Nephews” on travel, and other strategies for accessing bank account information and other resources. While 1–10% of seniors in middle and high income countries are estimated to be victims of elder abuse, by definition (WHO/INPEA 2002) perpetrated by persons with whom they have a trust relationship, and financial abuse is among the most common types of elder abuse worldwide, financial exploitation by strangers such as occurs via the Internet is estimated to be far greater in terms of dollars lost. “According to the FBI, 80% of all scams in the USA target people between the ages of 55–85” says Richard Goralewicz, author of The Little Black Book of Scams. Similar patterns are seen in other developed countries. This symposium will provide information about current research related to Internet Fraud and Scams targeting seniors that is being conducted in the USA, Canada, the United Kingdom, and Ireland. It will also provide information about the strategies being undertaken by government agencies, major senior advocacy groups, financial organizations, and other bodies seeking to reduce the frequency of such incursions into the savings and resources of elders.