This group is worth billions, and the pursuit of their money is an enormous consumer fraud issue:
in Detroit, Michigan, he has won record levels of funding and created programs to benefit more than 10,000 older adults and professionals each year.
Older adults who have always handled the household finances, will likely continue to do so unless they develop some type of dementia. But those who are forced to learn how to do the bills that their now-deceased spouse has always taken care of, very often cannot. So using a sample of 105 participants from APS workers across 5 counties, researchers applied the clinical scores obtained from the previous study to a new sample of APS cases. In doing so, theythat the LFDSS has “excellent internal consistency and clinical utility properties,” and that it is “a reliable and valid instrument.”
These are the stories that led Lichtenberg to create the LFDSS—to help the criminal and justice system and financial services industry better detect financial incapacity and exploitation. As it turns out, his brief screening can be used by not only the APS worker called to investigate potential exploitation, but the banker being asked to transfer large amounts of cash overseas.
Financial institutions reported a total of $1.7 billion in suspicious activities in 2017, including actual losses and attempts to steal the older adults’ funds.In EFE SARs involving a loss to an older adult, the average amount lost was $34,200. In 7% of these EFE SARs, the loss exceeded $100,000.Adults ages 70 to 79 had the highest average monetary loss .
Lichtenberg said one the risks of older people losing their critical-thinking skills is the reality that they will be targeted by scams. And there are plenty. Along with the ones discussed above are:wherein an older person is told that they have won the lottery. But since the lottery is in a foreign country, the scammer will need money wired to them to complete the transfer.usually involves a phone call from someone claiming to be from the IRS telling the older adult they owe money to the U.S.
Unbeknownst to his children , the man gets tangled in romance scams with two different women who say they want to marry him. The inheritance twist is that the women need to marry and go to Ireland to receive “their $15M estate” because “in their culture only married women can receive inheritance.” Consequently, they need an attorney and money for other fees.
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