The Age of Fraud

52 Pages Posted: 19 Nov 2021 Last revised: 25 Jul 2022

See all articles by James Toomey

James Toomey

Elisabeth Haub School of Law at Pace University

Date Written: September 27, 2021

Abstract

We think of scams primarily as a problem for older adults. Indeed, in the past few years, states and the federal government have undertaken a range of legal actions designed to prevent seniors, as a distinct class, from scams—from more harshly punishing scams directed towards older adults to authorizing financial institutions to closely monitor and rapidly freeze the accounts of only their older clients. But this successful, popular, and bipartisan law reform movement has taken place without a thorough empirical understanding of whether in fact seniors fall victim to scams more frequently than other age groups.

This study analyzed whether older adults were victimized by scams more frequently than younger adults during the 2020 COVID-19 pandemic. A group of Americans 65 and older (n=364) and a group age 25–35 (n=388) were recruited online and asked to complete a short survey about their experiences with frauds and scams during the pandemic. The results were statistically analyzed to assess whether the two groups expressed that they were solicited by, engaged with, and were aware of consequences from four specific common scams of the pandemic, and additional scams not specifically described.

The results unsettle conventional wisdom on the shape of scam victimization. The younger group engaged with scams three times more frequently than the older group, and this disparity was statistically significant (12% to 4%; χ2 = 16.41; p = .000051). Moreover, more younger adults engaged with scams than older adults as a percentage of those who had been solicited—that is, younger adults were more susceptible to scams. Although further research is required, in designing legal and policy solutions to the challenge of frauds and scams we must acknowledge the problem may not be limited to—nor even be most prevalent among—seniors.

Keywords: elder law, senior financial abuse, frauds and scams, empirical legal studies

Suggested Citation

Toomey, James, The Age of Fraud (September 27, 2021). Harvard Journal on Legislation, Vol. 60, 2023, Available at SSRN: https://ssrn.com/abstract=3931462 or http://dx.doi.org/10.2139/ssrn.3931462

James Toomey (Contact Author)

Elisabeth Haub School of Law at Pace University ( email )

78 North Broadway
White Plains, NY 10603
United States

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