The Financial and Emotional Toll of Elder Fraud

Uncover the Financial and Emotional Toll of Elder Fraud

The digital world is a critical asset for senior citizens worldwide, fostering family connections, social engagement, and the conveniences of shopping at online stores. Unfortunately, something sinister lurks in the digital ecosystem: the threat of elder fraud and scams that claim thousands of victims each year.

Feedzai’s exclusive survey, Global Elder Fraud Report, brings the scope of fraud and scams targeting older adults into startling focus. The comprehensive study is based on responses from over 3,000 older adults from around the world who have fallen victim to different types of scams.

The report offers an in-depth exploration of the growing threat senior citizens face from elder fraud and the role banks and financial institutions must play in both their prevention and response efforts to victims.

Among the key findings outlined in the report:

• 44% of elder fraud victims said they were not reimbursed for the fraud
• 35% of seniors were left to fend for themselves when scams victimized them
• 45% of scam victims are unsure of or doubt the measures banks are taking to prevent scams
• 24% of scams originate on social media; phone calls and email are also among the top initiation points for scams targeting seniors.

Read the report and learn how we can protect some of the most vulnerable members of society from harm. Join the conversation, and let’s make a difference.