EASY MONEY: FINANCIAL SCAMS AND OLDER ADULTS

Abstract With an aging population that continues to grow into the 21stcentury, financial abuse targeting older adults has become an increasingly burdensome issue. Financial abuse in older adults costs them billions of dollars annually in the United States and is common,affecting approximately 1 of every 18 cognitively intact, community-dwelling older adults each year (Burnes, et al 2017). Financial scams perpetrated by persons generally unknown to the victims make up a subset of the overall burden of financial abuse in older adults. In addition to financial costs of being targeted or victimized by a scam, there are associations with mortality, hospitalizations, physical and mental health problems as well. The problem is likely larger than is realized, due in part to the underreporting of these crimes, which are often considered “low risk” for seasoned criminals due in part to the difficulties associated with prosecuting such crimes. This session will provide an overview of scope of the problem of financial scams targeted at older adults, review the recent literature on the topic, consider the factors that make the older adult population particularly vulnerable to financial abuse and particularly scams, discuss the psychiatric ramifications of being a victim of financial abuse, detail a multitude of the most prominent scams targeting older adults occurring recently, and hope to provide resources such that we can educate our patients and their families on the topic of financial scams in the older population. The session will include a rich case detailing an example of how a financial scam in an older adult led to a myriad of intertwined sequelae.