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Study Reveals Why Elderly Often Vulnerable to Scams
Date:12/6/2012

esponse is much more muted among the older adults," Taylor said. "

What makes a face untrustworthy? "The smile is insincere, the eye contact is off," said Taylor, whose own father and aunt both lost money in financial scams.

Some people may be targeted as they reach their 70s, when they begin to take required 401k account distributions, the news release noted.

"A recent study estimates that adults over age 60 lost at least $2.9 billion in 2010 to financial exploitation, ranging from home-repair scams to complex financial swindles," Taylor said. "This figure represents a 12 percent increase from 2008. Older adults seem to be particularly vulnerable to interpersonal solicitations, and their reduced sensitivity to cues related to trust may partially underlie this vulnerability."

More information

The FBI has more about seniors and fraud.

-- Robert Preidt

SOURCE: University of California, Los Angeles, news release, Dec. 3, 2012


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