Is psychological vulnerability related to the experience of fraud in older adults?
Open accessAbstract
Financial exploitation, and particularly thefts and scams, are increasing at an alarming rate. In this study we (a) determined the national prevalence of older adults who report having been a victim of fraud, (b) created a population-based model for the prediction of fraud, and (c) examined how fraud is experienced by the most psychologically vulnerable older adults. The older adults studied were 4,400 participants in a Health and Retirement Study substudy, the 2008 Leave Behind Questionnaire. The prevalence of fraud across the previous 5 years was 4.5%. Among measures collected in 2002, age, education, and depression were significant predictors of fraud. Financial satisfaction and social-needs fulfillment were measured in 2008 and were significantly related to fraud above and beyond the 2002 predictors. Using depression and social-needs fulfillment to determine the most psychologically vulnerable older adults, we found that fraud prevalence was three times higher (14%) among those with the highest depression and the lowest social-needs fulfillment than among the rest of the sample (4.1%; χ2 = 20.49; p < .001). Clinical gerontologists and other professionals in the field need to be aware of their psychologically vulnerable clients' heightened exposure to financial fraud.
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Burke, J., Kieffer, C. N., Mottola, G. R., & Pérez‐Arce, F. (2022) · Journal of Economic Behavior & Organization · doi:10.1016/j.jebo.2022.03.028 · Cited by 74 · see citing works
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“Lichtenberg, Stickney, and Paulson (2013) investigated older adults’ experience of fraud, defined as financial losses— other than by robbery or theft—inflicted by another person.”
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“While our study represents only an early step at characterizing age-related differences in trust and reciprocity, these results lay the groundwork for future studies to unpack implications for vulnerability to social victimization and financial exploitation among the elderly (Lichtenberg et al., 2013; Lichtenberg, 201…”
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“Lichtenberg, Stickney, and Paulson (2013) found that in a random normative sample, psychological vulnerability was the strongest correlate to selfreported experience of fraud; in addition, psychological vulnerability scores correlated with education, quality of education, and executive functioning…”
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“Apart from financial loss, victims face other consequences, such as anxiety, depression, and chronic stress (Lichtenberg et al. 2013; Lichtenberg et al. 2016; DeLiema et al. 2020), which, in turn, negatively impact social relationships (Bailey et al. 2021).”
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“Since financial abuse have been identified to contribute to significant anxiety and depression, preventing exploitation is crucial for mental well-being (Lichtenberg et al., 2013).”
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“Using data from the Health and Retirement Study, Lichtenberg et al. (2013) found that depressive symptoms predicted future self-reported fraud victimization.”
MethodExamining Health and Wealth Correlates of Perceived Financial Vulnerability: A Normative Study
Lichtenberg, P. A., Paulson, D. L., & Han, S. D. (2020) · Innovation in Aging · doi:10.1093/geroni/igaa039 · Cited by 21 · see citing works
“The finding that younger-old adults are more vulnerable has also been reported in studies on FE (Acierno et al., 2010; Lichtenberg et al., 2013).”
ResultExamining nurses' role in Adult Protective Services related to safeguarding older people
Liu, P., Chilatra, J. A. H., & Phelan, A. A. (2021) · Journal of Advanced Nursing · doi:10.1111/jan.14792 · Cited by 21 · see citing works
“Psychologically, older victims were also more likely to exhibit a higher level of depression and distress (Burnett et al., 2006; Lichtenberg et al., 2013; Luo & Waite, 2011), with financial abuse having a particular impact on mental health (Acierno et al., 2018).”
BackgroundCognitive Impairment as A Vulnerability for Exploitation: A Scoping Review
Lambert, I., Wright, N., Gardner, A., Fyson, R., Abubakar, A., & Clawson, R. (2024) · Trauma Violence & Abuse · doi:10.1177/15248380241282993 · Cited by 20 · see citing works
“For individuals experiencing cognitive decline, Lichtenberg et al. (2013, 2016) highlighted that the presence of other mental health issues such as depression and psychological vulnerabilities (e.g., susceptibility to undue influence) increased the likelihood of exploitation occurring.”
"Winning and losing": vulnerability to mass marketing fraud
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“Other studies reported null or negative associations between socioeconomic conditions and vulnerability to fraud (Lee & Geistfeld, 1999; Lee & Soberon-Ferrer, 1997; Lichtenberg et al., 2013).”
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Mental Health Consequences and Service Use of Older Adults at Risk of Financial Exploitation
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“Notably, we found that older age was associated with lower FEV, consistent with previous studies (Lichtenberg et al., 2013).”
BackgroundResultWang, D., Duan, Y., & Jin, Y. (2024) · Computers in Human Behavior · doi:10.1016/j.chb.2024.108458 · Cited by 15 · see citing works
Adult Maltreatment Risk Factors: Adding Community-Level Factors to an Individual-Level Field
Fettig, N. B., Mitchell, H., Gassoumis, Z. D., Nizam, Z., Eliason, S. W., & Cory, S. (2023) · Trauma Violence & Abuse · doi:10.1177/15248380221137659 · Cited by 14 · see citing works
“Small effects were observed between higher education and higher numeracy skills and abuse (Lichtenberg et al., 2013; Scha-fer & Koltai, 2015; Wood et al., 2016).”
BackgroundContextual and Social Predictors of Scam Susceptibility and Fraud VictimizationPreprint
Sur, A., DeLiema, M., & Brown, E. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4053903 · Cited by 15 · see citing works
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“Poor mental health has also been previously reported to be a risk factor for FE (e.g., (Lichtenberg et al., 2013, 2016).”
BackgroundResultInfluentialLim, H. S., & Letkiewicz, J. C. (2023) · Journal of Consumer Policy · doi:10.1007/s10603-023-09535-w · Cited by 18 · see citing works
“…financial products and services) (Anderloni et al., 2012; DeLiema et al., 2020; Financial Conduct Authority, 2015; Goodman & Newman, 2003; Grønhaug & Gilly, 1991; Hogarth et al., 2001; Lee & Soberon-Ferrer, 1997; Lichtenberg et al., 2013; O’Connor et al., 2019; Ofgem, 2013; Vladeck, 2013).”
Robinson, J., & Edwards, M. (2024) · Security Journal · doi:10.1057/s41284-023-00410-4 · Cited by 14 · see citing works
“This victim-isolating behaviour coheres with explanations for the factors of low social support and loneliness increasing scam vulnerability (Lichtenberg et al. 2013; Lawson and Leck 2006; Holtfreter et al. 2014; Sur et al. 2021).”
Xin, Y., Xia, Y., & Chai, Y. (2024) · Criminology & Criminal Justice · doi:10.1177/17488958241257860 · Cited by 13 · see citing works
“Finally, depression, loneliness, and satisfaction were used to reflect the mental health status of respondents (Alves and Wilson, 2008; Lichtenberg et al., 2013).”
Amegbor, P. M., Rosenberg, M. W., & Kuuire, V. Z. (2018) · Health & Place · doi:10.1016/j.healthplace.2018.07.005 · Cited by 13 · see citing works
Types of multidimensional vulnerability and well-being among the retired in the U.S
Shin, O., Park, S., Kang, J. Y., & Kwak, M. (2020) · Aging & Mental Health · doi:10.1080/13607863.2020.1768212 · Cited by 13 · see citing works
“” Higher CES-D scores reflect more depressive symptoms; a CES-D score 5 was coded as “1” and scores lower than 5 were coded as “0” (Lichtenberg et al., 2013).”
BackgroundWeissberger, G. H., & Bergman, Y. S. (2022) · Journal of Elder Abuse & Neglect · doi:10.1080/08946566.2022.2108181 · Cited by 13 · see citing works
“However, consistent with previous literature (Beach et al., 2018; Lichtenberg et al., 2013; P.-J. Liu et al., 2017), increased social support was related to lower FEV.”
BackgroundResultLoneliness could lead to risk of fraud victimization for middle-aged and older adults
Liao, S., Wang, X., & Zhang, X. (2024) · Journal of Elder Abuse & Neglect · doi:10.1080/08946566.2024.2404040 · Cited by 13 · see citing works
“…including older age, lower household income, impairments in activities of daily living, physical frailty, worse overall cognition, and depressive symptoms (Acierno et al., 2009, 2010, 2019; Axelrod et al., 2020; Beach et al., 2010; Lichtenberg et al., 2013, 2016; Peterson et al., 2014).”
Chen, R., & Dong, X. (2017) · Springer eBooks · doi:10.1007/978-3-319-47504-2_5 · Cited by 12 · see citing works
Online pharmacy navigation skills are associated with prospective memory in HIV disease
Matchanova, A., Woods, S. P., Cushman, C., Morgan, E. E., Medina, L. D., Babicz, M. A., Verduzco, M., & Loft, S. D. (2020) · The Clinical Neuropsychologist · doi:10.1080/13854046.2020.1840632 · Cited by 12 · see citing works
“…online pharmacy users tend to be older and have high rates of medical comorbidities (Brown & Li, 2014) that make this group uniquely vulnerable to missteps, manipulation, and fraud (e.g., Lichtenberg et al., 2013), particularly during the stress and confusion of a pandemic (Migliaccio, 2020).”
BackgroundWang, X., Ma, J., Liang, Y., Ma, L., & Liu, P. (2023) · Public Health · doi:10.1016/j.puhe.2023.01.002 · Cited by 11 · see citing works
Deng, Y., He, C., Zou, Y., & Li, B. (2025) · CHI Conference on Human Factors in Computing Systems · doi:10.1145/3706598.3714137 · Cited by 13 · see citing works
“First, factors such as cognitive decline, an overly trusting nature, social isolation, and a lack of knowledge regarding fraud prevention can heighten seniors’ vulnerability to online fraud [17, 18, 56, 60, 61, 87].”
Do Awareness Campaigns Reduce Financial Fraud?
Jensen, R. I. T., Gerlings, J., & Ferwerda, J. (2024) · European Journal on Criminal Policy and Research · doi:10.1007/s10610-024-09573-1 · Cited by 16 · see citing works
Lim, A. C., Weissberger, G. H., Axelrod, J., Mosqueda, L. A., Nguyen, A. L., Fenton, L. E., Noriega-Makarskyy, D. T., Erdman, C. E., & Han, S. (2024) · The Clinical Neuropsychologist · doi:10.1080/13854046.2024.2378526 · Cited by 13 · see citing works
“…victimization in cross-sectional and longitudinal studies, including older age, higher household income, worse psychological functioning, and low social embeddedness and greater loneliness (Acierno et al., 2019; James et al., 2014; Lichtenberg et al., 2013; Lim et al., 2023; Spreng et al., 2016).”
A bibliometric analysis of financial fraud exploiting the elderly in the digital age
Lindez-Macarro, M.-E., Losada, R. G., Montero, A., & Rodríguez-Sánchez, J.-L. (2025) · International Journal of Bank Marketing · doi:10.1108/ijbm-11-2023-0634 · Cited by 11 · see citing works
Makaroun, L. K., Taylor, L. J., & Rosen, T. (2017) · Journal of the American Geriatrics Society · doi:10.1111/jgs.15170 · Cited by 10 · see citing works
Manivannan, M., Heunis, J., Hooper, S. M., Sideman, A. B., Lui, K. P., Braley, T. L., Possin, K. L., & Chiong, W. (2022) · Journal of Alzheimer s Disease · doi:10.3233/jad-215284 · Cited by 9 · see citing works
The Relationship Between Financial Decision-Making and Financial Exploitation in Older Black Adults
Hall, L., Moray, J., Gross, E., & Lichtenberg, P. A. (2022) · Journal of Aging and Health · doi:10.1177/08982643221085407 · Cited by 9 · see citing works
“Lichtenberg et al. (2013) also found a significant relationship between fraud victimization and higher levels of depression, and higher depression scores at baseline predicted fraud 4 years later.”
BackgroundSannd, P., & Cook, D. M. (2018) · doi:10.1109/icinpro43533.2018.9096878 · Cited by 9 · see citing works
“The entrapment of older people by means of fraud and deception is driven by the human participation in the emotions of anticipation, blame, curiosity distress and greed [20], [21], [22].”
BackgroundFinancial Exploitation of Older Women: A Case Analysis Using the Struggle for Recognition Theory
Beaulieu, M. J., Crevier, M., D’Amours, M., & Diaz, L. (2015) · Journal of Elder Abuse & Neglect · doi:10.1080/08946566.2015.1093990 · Cited by 8 · see citing works
Deputizing financial institutions to fight elder abuse
Carlin, B. I., Umar, T., & Yi, H. (2023) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.06.004 · Cited by 8 · see citing works
Burnett, J., Wasik, S., Cash, D., Olson, J., Medina, A., Pena, D., Hiner, J. A., & Cannell, B. (2024) · Journal of Elder Abuse & Neglect · doi:10.1080/08946566.2024.2315084 · Cited by 7 · see citing works
“…self-reporting of important case information needed to perhaps discover undue influence and refute challenges that the older adult consented to the alleged exploiter’s personal use of finances and assets becomes problematic (Hsu & Willis, 2013; Lichtenberg et al., 2013; Marson, 2009; Marson, 2001).”
BackgroundA Short Form of the Financial Exploitation Vulnerability Scale
Campbell, R., & Lichtenberg, P. A. (2020) · Clinical Gerontologist · doi:10.1080/07317115.2020.1836108 · Cited by 7 · see citing works
“This finding was supported and expanded on by Lichtenberg, Stickney, and Paulson (2013), similarly reported that a greater number of depression symptoms predicted the experience of fraud in a five-year follow-up.”
ResultBrancale, J. N., & Blomberg, T. G. (2022) · Journal of Research in Crime and Delinquency · doi:10.1177/00224278221107516 · Cited by 7 · see citing works
DeLiema, M., Deevy, M., Lusardi, A., & Mitchell, O. S. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.3124952 · Cited by 7 · see citing works
“…widowhood, onset of disability, death of a spouse or close friends—can bring about loneliness and social isolation (e.g., Gentry et al., 1995; Lichtenberg et al. 2013), perhaps leading to poorer decision-making and placing seniors at risk of engaging with scam artists to fulfill their…”
BackgroundFear of fraud amongst older adults: a hidden epidemic?
Button, M., Shepherd, D., Hawkins, C., & Tapley, J. (2025) · Security Journal · doi:10.1057/s41284-025-00485-1 · Cited by 6 · see citing works
Parti, K., Tahir, F., & Teaster, P. B. (2025) · Security Journal · doi:10.1057/s41284-025-00487-z · Cited by 6 · see citing works
“(Inter-viewee # 15) As it was posited by previous studies (Lichtenberg et al. 2013; Robinson and Edwards 2024), loneliness and looking for friends were other factors of vulnerability.”
Internet technology and regional financial fraud: evidence from Broadband expansion in China
Xue, Q., Wang, H., & Wei, J. N. (2023) · Journal of Applied Economics · doi:10.1080/15140326.2023.2281167 · Cited by 6 · see citing works
“For example, studies have found that elderly individuals (DeLiema et al., 2020) and those who are overconfident (Xiao et al., 2022), impulsive (McAlvanah et al., 2015), or depressed (Lichtenberg et al., 2013) are more likely to be victims of financial fraud.”
BackgroundMurthy, N., & Gopalkrishnan, S. (2023) · Working with Older People · doi:10.1108/wwop-06-2023-0021 · Cited by 6 · see citing works
Weissberger, G. H., & Bergman, Y. S. (2024) · Clinical Gerontologist · doi:10.1080/07317115.2024.2320921 · Cited by 6 · see citing works
“In this regard, numerous studies have reported associations between social network size, social support, and loneliness and FEV (Beach et al., 2018; Lichtenberg et al., 2013; Liu et al., 2017).”
Exploring Older Adult Susceptibility to Fraudulent Computer Pop-Up Interruptions
Morgan, P. L., Williams, E., Zook, N., & Christopher, G. (2018) · Advances in intelligent systems and computing · doi:10.1007/978-3-319-94782-2_6 · Cited by 6 · see citing works
“This has been linked with situational factors, such as greater social isolation [13].”
BackgroundVictim Characteristics of Investment FraudPreprint
Lee, S. J., Cummings, B. F., & Martin, J. A. (2018) · SSRN Electronic Journal · doi:10.2139/ssrn.3258084 · Cited by 6 · see citing works
Trust no more? The impact of fraud victimization on generalized trust in China
Xia, Y., Xu, S., Tan, S., Tan, J., & Huang, L. (2025) · Victims & Offenders · doi:10.1080/15564886.2025.2467888 · Cited by 5 · see citing works
“Similar single-item measures have been widely used in prior studies of fraud victimization (Janssen et al., 2021; Judges et al., 2017; Kemp, 2020; Lichtenberg et al., 2013; Whitty, 2019).”
Giannouli, V., Hall, L., & Lichtenberg, P. A. (2025) · Journal of Applied Gerontology · doi:10.1177/07334648251347998 · Cited by 5 · see citing works
“…al., 2012; Giannouli & Tsolaki, 2021), lower fi nancial literacy (James et al., 2014), marital status (Peterson et al., 2014), self-perceived (physical, psychological, and social) frailty (Giannouli, 2022b), and/or limited support from social networks (Choi & Mayer, 2000; Lichtenberg et al., 2013).”
Predictors of fraud victimization among the older adults in China: A machine learning analysis
Xu, L., Xu, J., Tang, Y., Li, H., & Xiang-ming, W. (2025) · Legal and Criminological Psychology · doi:10.1111/lcrp.70008 · Cited by 5 · see citing works
“Research on elderly fraud victimization has traditionally focused on demographic factors, highlighting the role of educational attainment (Boyle et al., 2012), sex differences (Kerley & Copes, 2002), and income levels (Lichtenberg et al., 2013) in shaping susceptibility to fraud.”
Purpose in Life and Cognition Interact to Impact Healthcare and Financial Decision Making in Old Age
Stewart, C. C., Yu, L., Glover, C. M., Bennett, D. A., Wilson, R. S., & Boyle, P. A. (2022) · Journal of Applied Gerontology · doi:10.1177/07334648221095514 · Cited by 5 · see citing works
“…has examined the detrimental effect of negative psychological factors—that is, factors reflecting forms of psychological suffering, such as the sadness, disinterest, and fatigue that is characteristic of depression (Denburg et al., 2009; Lichtenberg et al., 2013, 2016, 2020; Nguyen et al., 2013).”
BackgroundTech, V., & Parti, K. (2022) · International Journal of Cybersecurity Intelligence and Cybercrime · doi:10.52306/liqs5025 · Cited by 22 · see citing works
Barber, P., Soubutts, E., Knowles, B., & Singh, A. (2025) · CHI Conference on Human Factors in Computing Systems · doi:10.1145/3706598.3713160 · Cited by 4 · see citing works
“Vulnerability is exacerbated by cognitive decline [12, 46, 63, 115], social isolation and loneliness [12, 63, 77, 115], depression [12, 77], lower financial literacy [12, 115], financial fragility [134], risk-taking and impulsivity [12, 115], a lack of knowledge surrounding fraud prevention, and…”
Extended editorial: preventing fraud and cybercrime in an ageing society
Button, M., Karagiannopoulos, V., Lee, J., Suh, J. B., & Jung, J. (2025) · Security Journal · doi:10.1057/s41284-025-00479-z · Cited by 4 · see citing works
“As was noted earlier depression has been linked to greater risk of fraud victimisation (Lichtenberg et al. 2013; Burnes et al. 2017; DeLeima et al. 2020a, b).”
Social capital and financial fraud among the elderly
Yao, W., Tang, M., Liu, Z., & Ni, M. (2025) · International Review of Financial Analysis · doi:10.1016/j.irfa.2025.104035 · Cited by 4 · see citing works
The Judicial Construction of Older Consumers’ Rights: A Qualitative Case-Law Analysis
Segal, M., Mor, S., & Doron, I. I. (2021) · Canadian Journal of Law and Society / Revue Canadienne Droit et Société · doi:10.1017/cls.2020.36 · Cited by 4 · see citing works
Weissberger, G. H., Bensimon, M., & Shrira, A. (2023) · International Psychogeriatrics · doi:10.1017/s1041610223000625 · Cited by 4 · see citing works
“Psychosocial factors such as depression, anxiety, and loneliness have been identi fi ed as risk factors (Lichtenberg et al ., 2013; Lichtenberg et al ., 2016).”
InfluentialWeissberger, G. H. (2024) · Behavioral Sciences · doi:10.3390/bs14090830 · Cited by 3 · see citing works
“Finally, a large body of work has pointed to social factors such as social network size, social support, and loneliness as relevant correlates of FEV (e.g., [6,12,14–16]).”
InfluentialСафуанов, Ф. С., & Shirokova, V. V. (2025) · Psychology and Law · doi:10.17759/psylaw.2025150201 · Cited by 3 · see citing works
A Scoping Review: Financial Exploitation Among Older People Living with Dementia
Wei, W., & Balser, S. (2025) · Trauma Violence & Abuse · doi:10.1177/15248380251383930 · Cited by 4 · see citing works
- Authors
- Lichtenberg, P. A., Stickney, L., & Paulson, D.
- Affiliations
- Wayne State University (US)
- Illinois Institute of Technology (US)
- Corresponding author
- Lichtenberg, Peter A.
- Venue
- Clinical Gerontologist
- Publisher
- Informa UK Limited
- Published
- 2013-02-28
- Volume
- 36
- Issue
- 2
- Pages
- 132-146
- ISSN
- 0731-7115 (ISSN-L)
- 1545-2301
- PMC
- PMC3755896
- OpenAlex
- W2061349246
- Cited by
- 146
- References
- 22
- Citations by year
- 2026: 14 · 2025: 23 · 2024: 18 · 2023: 15 · 2022: 21 · 2021: 7 · 2020: 10 · 2019: 6 · 2018: 8 · 2017: 11 · 2016: 3 · 2015: 7 · 2014: 3
- FWCI
- 11.71
- Type
- journal article
- Language
- en
- Open access
- green
- www.ncbi.nlm.nih.gov
- Locations
- Clinical Gerontologist (publishedVersion)
- PubMed (publishedVersion)
- Europe PMC (PubMed Central) (acceptedVersion)
- PubMed Central (acceptedVersion)
- Funders
- National Institute on Aging (T32AG000275)
- Topics
- Social Sciences › Demography › Elder Abuse and Neglect
- Physical Sciences › Computer Science › Information Systems › Cybercrime and Law Enforcement Studies
- Health Sciences › Health Professions › General Health Professions › Aging, Elder Care, and Social Issues
- Keywords
- fraud victimization, older adults, economic violence, psychological vulnerability, depression, financial satisfaction, fraud risk prediction, scams
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