FINANCIAL EXPLOITATION OF THE ELDERLY, WHAT IS THE WAY FORWARD?

Abstract: Studies indicate that the elderly population is more susceptible to crime than other age group s as they are socially lonely and tend to stick to obvious behavioural patterns. The mental and physical limitations caused by old age further aids to a profile of a potential victim of fraud. The elderly often succumb to various types of crimes; one such crime is fraud. In Sweden elderly fraud only constitutes a minor part of all the fraud that is reported. However, statistics from the Swedish National Council for Crime Prevention indicate that cases have been on the increase since 2017. The present study seeks to explore in more detail the methods used to defraud the elderly and offer possible solutions and recommendations. The study used semi-structured interviews with participants from the Banking Sector and Swedish National Council for Crime Prevention all of whom have a nexus with elderly fraud. The findings show that there are several methods used. However, Social Engineering emerged as the most prominent. Several efforts have been put in place by relevant authorities. Nonetheless, it was suggested that more efforts be channelled into the evaluation of existing programs, conducting research on the matter and sensitising the public about the risk factors, perpetrator warning signs and how they can avoid the many different types of fraud amongst other things.