Speaking of Psychology Financial scams: Why some older adults are at risk, with Duke Han, PhD
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Sep 10, 2025 Duke Han, a professor at USC specializing in neuropsychology and gerontology, discusses the troubling rise of financial scams targeting older adults, draining billions from victims. He uncovers how loneliness and cognitive decline contribute to vulnerability, often signaling early Alzheimer's indicators. The conversation stresses the importance of awareness and protective strategies to help seniors safeguard themselves against fraud. Han also emphasizes the need for better financial literacy to combat exploitation in this vulnerable demographic.
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Scam Prevalence Is Underestimated
- Reported rates (5–10%) likely understate the true prevalence of scams against older adults.
- Researchers and clinicians hear many unreported personal stories after public talks, suggesting higher real rates.
Scam Channel Shifts With Age
- Scam channels vary by age: email and phone in younger older adults, phone in mid-older, and snail mail in the oldest.
- Mode differences reflect which channels older adults actually use and trust.
Loneliness Enables Romance Scams
- Romance or interpersonal-relationship scams exploit loneliness and social isolation in older adults.
- Scammers cultivate trust and then extract substantial resources without needing cognitive impairment to succeed.