Why are there so many scammers on this site?

Lonely Old Mens Fools Club:

An older adult's vulnerability to financial scams can stem from social, emotional, and cognitive problems. Cognitive deficits and dementia can affect a person's ability to use good judgment in financial decisions. Limited social network size, loneliness, and social isolation are risk factors for elder financial abuse.

Older adults are more likely to have financial resources than their younger counterparts, and this, in combination with the higher prevalence of social isolation, cognitive impairment, and other factors, renders them uniquely susceptible to financial exploitation.

Duke Han, PhD, director of neuropsychology in the Department of Family Medicine at the Keck School of Medicine of USC, has led a team of researchers in a study measuring the vulnerability of older adults to financial exploitation. Their research concluded that the key predictor is social dissatisfaction, such as isolation or troubled relationships.

The findings underscore that social connectedness which is already known to enhance physical and mental health in people of all ages may also protect older adults against common forms of financial exploitation such as phishing emails, investment schemes and the grandparent scam, where an older adult receives a deceptive call about a grandchild in urgent need of money.

The FBI's annual Elder Fraud Report revealed that older Americans lost over $3 billion to crypto fraud in 2022. The scam often begins on social media with paid ads targeted at older adults offering amazing investment opportunities that, if not closely examined, really seem like good deals.

RED FLAG: Loan offers, excessive margin, or matching funds Many fraudulent trading platforms or dealers offer high levels of margin, special loan offers, or will match your tradedoubling or tripling your investment. Remember, you can't get something for nothing.

• Flag
• Edit
• Delete
• Quote
• Reply