Easy Prey10 Maj 2023

Financial Vulnerability and Social Isolation with Marti DeLiema, PhD

If you experience any high pressure tactics or urgency that someone needs you to make a financial decision fast, take a pause and realize that you might be talking to a scammer. Today's guest is Professor Marti DeLiema. Marti is an Assistant Professor and Gerontologist at the University of Minnesota. Her work focuses on identifying the extent and cost of financial fraud in the US as well as factors related to financial victimization of the aging.

Show Notes:

[0:48] - Marti shares her background and as a gerontologist, her focus on the aging.
[3:02] - When doing her research, Marti discovered that fraud is not limited to the elderly.
[4:16] - Why are older adults more likely to be targeted?
[5:50] - Executive functioning skills decline earlier than other abilities.
[7:30] - Social isolation can take form in a few different ways.
[9:47] - People who are grieving a loss are even more susceptible to scams.
[11:38] - Underreporting is a really big problem in the research and it is common among older adults and older victims.
[14:26] - Marti recommends reporting scams to the Federal Trade Commission.
[15:38] - To help prevent potential issues, start to think about who in your family or close circle can help make financial decisions.
[17:08] - Bringing people in actually makes you more in control.
[19:02] - There is a societal stigma about being a victim of a scam and it prevents older adults from sharing the situation for help.
[20:20] - There is a huge shift in our population in our demographics and the largest wealth transfer coming.
[22:09] - The world is very complex right now, especially when it comes to communication, technology, and finances.
[24:10] - Financial institutions can help prevent scams through strong customer service and education.
[26:36] - Marti shares an experience overhearing a retail manager explaining why he wouldn't let an elderly customer purchase any more gift cards.
[28:50] - Scammers will warn victims that they will be asked specific questions about their gift card purchase.

Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.

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