Prevalence of Financial Fraud and Scams Among Older Adults in the U.S.: A System

Question

Prevalence of Financial Fraud and Scams Among Older Adults in the U.S.: A Systematic Review and Meta-Analysis

The goal of this study was to use several existing studies to estimate a valid prevalence of elder financial fraud and scams. Analyses only included studies for large scale state- or national-level randomized samples to ensure generalization to the broader population. The authors excluded studies that used complainant databases, clinical agency samples, or third-party reporters to avoid prevalence bias that could be lurking. There were 12 results with 41,711 individuals that satisfied the criteria. Bias assessment ratings were conducted by two independent rates which agreed on 95.5% of the 132 items across the 12 studies. The overall prevalence in a 1-5 year period was 5.6%, with a 95% confidence level, (4.0%,7.8%). The 1-year prevalence was 5.4% (95% CI = 3.2%, 7.6%).  

Some confounding factors may arise from whether the studies focused on elders living in senior communities, who may be more likely to be targeted as a group, therefore skewing the results. There is also a under-reporting bias, as financial fraud victims tend to underreport instances due to embarrassment.

Apparently, roughly 1 in 18 cognitively intact older adults experiences financial fraud each year. Expanding education to seniors on how to avoid being victims is imperative, as the studies also indicated a higher rate of hospitalization and death in elder financial fraud victims.

Required: Do you agree with this above post or not? Write minimum 120 words.

Explanation / Answer

I completely agree with the facts and data presented in article. Older adults are most vulnerable to Financial frauds happening in the world. With the increase digitalization and use of internet of transactions, the risk has increased to higher level. There are lots of groups who do phishing in order to get security information and use account for malpractice. The reason is primarily the limited knowledge of older adults in regard to financial frauds and how to avoid these things. It is very important to educate them on all kinds of frauds happening around. There are false calls also who try to gather personal information by tricking the customers. All these information needs to be passed on to the elders in best of their interest. They must be trained on regular basis on how to avoid themselves of such mal practices.

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