{"id":83560,"date":"2025-06-17T07:26:37","date_gmt":"2025-06-17T13:26:37","guid":{"rendered":"https:\/\/www.uchealth.org\/today\/?p=83560"},"modified":"2025-06-17T07:26:37","modified_gmt":"2025-06-17T13:26:37","slug":"elder-fraud-is-rising-and-it-is-hurting-more-than-just-finances","status":"publish","type":"post","link":"https:\/\/www.uchealth.org\/today\/elder-fraud-is-rising-and-it-is-hurting-more-than-just-finances\/","title":{"rendered":"Elder fraud is on the rise. Along with financial losses, victims can suffer from anxiety and depression."},"content":{"rendered":"
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Those committing elder fraud are only going to get more sophisticated. It\u2019s up to us to protect our financial \u2013 and psychological \u2013 well-being. Photo: Getty Images.<\/figcaption><\/figure>\n

Elder fraud is on the rise, with scammers stealing $3.4 billion<\/a> from older U.S. adults in 2023 alone. That figure was 14% higher than the previous year, and it\u2019s a safe bet that the 2024 numbers will eclipse those when they come in.<\/p>\n

It\u2019s harder to put a number on the psychological costs of elder fraud. But they are real, says Samantha Farro, PhD<\/a>, who directs Behavioral Health and Integrated Programs for the Division of Geriatrics at the University of Colorado School of Medicine. And they are also on the rise.<\/p>\n

\u201cI\u2019ve seen firsthand the detrimental psychological impact this can have on a patient,\u201d Farro said. \u201cWe are definitely seeing it more frequently in clinic with our older-adult population.\u201d<\/p>\n

The scams range from feigned romantic interest, bogus investment schemes, Medicare fraud and conjured threats of legal trouble. The common denominators: They trigger base human emotions \u2014 greed and fear, mainly, with confusion stirred in \u2014 and then apply time pressure and insist on secrecy. That combination has a striking ability to stop our front-brain critical-thinking facilities from kicking in until it\u2019s too late.<\/p>\n

Older adults are fraud targets<\/strong><\/h2>\n

Fraudsters have known all that since humans started accumulating wealth to be conned out of. What\u2019s changed are the technological tools at their disposal in identifying and then exploiting their victims \u2014 most recently, artificial intelligence voice and video emulators that can sound and look like people you trust and even love.<\/p>\n

While fraud is on the rise among all demographics, these criminals often target older adults. First, seniors tend to have cash and assets. They can be more trusting of authority. They may be less familiar with the technologies scammers now use. And they may have cognitive changes, impacting their ability to recognize<\/a> malicious intent.<\/p>\n

Farro, who sees patients at the UCHealth Seniors Clinic \u2013 Anschutz Medical Campus<\/a>, described a longtime small-business owner who clicked on a phishing scam<\/a> link. She recognized her mistake and took steps to minimize the damage quickly. But some financial damage \u2014 and significant emotional damage \u2014 was done.<\/p>\n

Being exploited instilled a sense of shame and self-criticism in the patient, Farro says. That, in turn brought on a lot of anxiety and distress. Family members also involved in the business were upset with her, which made things worse.<\/p>\n

Another patient lured into a scam experienced such anger and self-loathing that he had thoughts of suicide, Farro says.<\/p>\n

The psychological toll of elder fraud differs depending on the patient<\/strong><\/h2>\n

Farro treated these patients based on their very different needs. Approaches such as cognitive behavioral therapy<\/a> helped the woman business owner \u201cmitigate unhelpful thinking traps that we know can make things like anxiety, anger, and stress worse,\u201d Farro said.<\/p>\n

In addition, Farro worked with the woman to reduce self-critical thinking and increase self-compassion. For example, she asked the woman what she would think of someone she loved if they were a victim of a crime \u2013 and then suggested that she apply that level of compassion to herself.<\/p>\n

For the man considering suicide, Farro and colleagues intervened as they would with anyone in that state: safety planning and mitigation, particularly with respect to firearms; prompting to think about reasons for living and the purpose and meaning of his life; and helping him reconnect with \u201cthings aside from the experience of being a victim of a crime.\u201d<\/p>\n

\u201cEven though the catalyst for the distress may be similar, if they\u2019re the victim of fraud, how it manifests and impacts psychologically can vary,\u201d Farro said.<\/p>\n

She does share some consistent messages in her work with elder fraud victims, she says. Farro reminds them that they\u2019re highly targeted simply because they\u2019re older adults. And she emphasizes that it\u2019s not their fault: They\u2019re victims of crimes being committed at a massive, often international scale<\/a> by sophisticated operators who exploit many, many people, old and young.<\/p>\n

Experts weigh in on how to stiff-arm scammers<\/strong><\/h2>\n

Of course, it\u2019s best to avoid being scammed in the first place. Organizations such as the FBI<\/a> and the Federal Trade Commission (FTC<\/a>) give common advice to that end:<\/p>\n