“This problem has the same urgency as opioids and gun violence,' said a doctor whose patient was tricked into giving up most of his life savings.
Being easily tricked by scams could be a sign that an older person has the early stages of Alzheimer’s disease, scientists have found.
A low score on the scam awareness test correlated with signs in the brain associated with Alzheimer’s disease, and mild cognitive impairment. In an editorial accompanying the study, Dr. Jason Karlawish of University of Pennsylvania Perelman School of Medicine described how criminals convinced his patient that he had won the lottery, and were able to steal most of his life savings. “An older adult who is defrauded like my patient or who makes unsuitable investment decisions may end up unable to pay for medications, food, and long-term care. Someone else—the family or the state— has to pay,” he wrote.
The FBI warns older people can be targeted by con artists because they are more likely to have a nest egg, be home owners and have excellent credit. "Estimates suggest that older adults in the U.S. lose more than 35 billion dollars annually to financial fraud and exploitation. Moreover, the psychological and social costs of elder fraud arguably exceed the financial ones. Older adults who are victimized have limited opportunities to recover losses and may become isolated, depressed, and stressed, all of which have very negative effects on health.
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