Tag: financial scam
Abstract Financial fraud is a major threat to older Americans, and this problem is expected to grow as the baby boom generation retires and more retirees manage their own retirement accounts. We use a unique dataset to examine the causes and consequences of financial fraud among older Americans. First, we find that decreasing cognition is…
The brief’s key findings are: Financial fraud complaints by consumers have surged over the past decade, fueled by the rise of Internet-based scams. This trend will likely continue as scammers target aging baby boomers, who have substantial assets and face cognitive decline. Consumers can help protect themselves by recognizing standard fraud strategies and the disguises…