Financial fraud targeting older adults has long been a problem, leading to billions of dollars of losses each year. Increased isolation and loneliness from the pandemic has further aggravated the issue.
So far in 2021, the Client Risk Prevention team at RBC Wealth Management-U.S. has seen a 40% increase in reports of scams targeting older clients year over year. What’s interesting is that 68% of the victims were female.
Anyone at any age can fall victim to a scam, but there are several factors that put older women at higher risk.
In general, women live six to eight years longer than men, according to the World Health Organization. That means as more women live to old age, more women than men are in the target demographic for elder fraud
As women outlive men, they often live alone and have no companion with whom to discuss a fraudster’s request for money. For older heterosexual couples, it’s not uncommon for men to handle most of the…