Seniors and scams

No question that we seniors are heavily targeted by scammers. Why are seniors so vulnerable to scams? Researchers, public institutions, and the media paint a grim picture. We’re in cognitive decline, we’re isolated and lonely, we’re too trusting, we can’t make sound decisions. They mean all of us, not just those with dementia. I’m not a researcher, and maybe I’m deluding myself, but that picture just feels all wrong. How could we become such idiots? How could a lifetime of experience living in the world, dealing with people, confronting scams, all get wiped right out?

Suppose we change the question. Which seniors are most vulnerable to scams? Now a different picture emerges. Turns out it’s older men who are risk-takers, men who see accumulating wealth as a key achievement in life, and who look for investment opportunities others don’t know about. Well, that makes sense. And online platforms make it easy for scammers to find those victims.

Suppose we broaden our perspective, and change the question again. Which people are most vulnerable to scams? Now things really get interesting. An analysis from the U.S.-based Better Business Bureau Scam Tracker reviewed over 30,000 reports of scams. Who do you think comes out on top? Surprise! Of those consumers reporting scams to BBB Scam Tracker, 89% of seniors (aged 65 and up) recognized the scam in time, while only 11% reported actually losing money. For those aged 18 - 24, however, more than three times as many failed to recognize the scam, and 34% reported losing money. Why millennials? They’re bigger risk-takers, they’re overconfident, they think they’re invulnerable. On the other hand, we seniors already know we’re being targeted. We’re probably less impulsive than younger consumers, and have likely already had some experience encountering scams.

It’s not too often that the stereotype of the scatterbrained, helpless senior gets turned on its head. Enjoy.