Blog – Financial Exploitation & Scam Susceptibility in Dementia

As people who research dementia in various ways, it goes without saying that we are all aware of how it can impact those who live with it, in terms of cognition, emotionality, and quality of life, to name just a few of very, very many aspects it touches. However, an under-researched topic area which is requiring of more targeted attention due to increasing social concern, is that of financial exploitation and scam susceptibility.

I’ll be the first to say that up until a couple of years ago, this isn’t something I had given much thought. Both of my grans lived with dementia, but at that time, the internet was just gaining traction and nothing like what we know today, and phone access for them both was tied to being geographically at home or in their nursing home. In short, the risk for financial exploitation was there, but the avenues around which it could occur were limited compared to today (although that’s not to say it couldn’t have happened back then, of course).

As a researcher, it wasn’t that I had my head in the sand about it, but rather that dementia is such a big topic, and it touches every facet of life, which can be a lot to keep up with. But then a paper came out, which looked at the link between pathology and scam susceptibility, finding that those with cerebral macroinfarcts, after adjusting for vascular risk burden and cognition, showed greater susceptibility to scams. And with that, my new “this isn’t really procrastination, but it isn’t exactly the topic of my day job” fixation was born. I tried to go down a bit of a paper rabbit hole, but it turned out that it was more lacking in research than I first thought, and what there was reflected this link between pathology [1] or anatomy [2], or a link to incident dementia or MCI [3].

As I alluded to earlier in this blog post, technological advancements have taken scams from a place of relative simplicity – face-to-face or via landline phone – to something far more sophisticated as technology has advanced. Whilst exploitation and scamming used to involve approaches that were straightforward like forgeries, theft of cash, coercive control, and misusing power of attorney, present-day risks are far more numerous and exist on a huge scale. For example, phishing, fake/spam accounts, complicated fake investment schemes (which may be based around hard-to-understand concepts like cryptocurrency), romance scams, fake tech support, charity scams, and scammers posing as figures of authority. These are far more complicated, and can be difficult to identify and avoid, even for those who do not live with dementia. It’s also worth noting that the incidence of such fraud targeted at at-risk older groups has risen dramatically since the COVID-19 pandemic [4].

When considering those living with dementia, the reasons for an increased risk of falling victim to scams or exploitation are multi-faceted.

Well-recognised aspects of dementia may be taken advantage of, for example declining cognitive function and capacity for decision-making and risk assessment.  Social isolation and the exploitation of related loneliness can also be a key target.

Whilst I am aware that these blog are predominantly written for researchers, I know that people who are supporting those living with dementia also come across them. As such, I want to spend a bit of time in this post discussing warning signs and prevention strategies. Whilst many of these are the same as general warning signs of financial exploitation or falling for scams – e.g. missing items, unusual bank transactions, unpaid bills – they can also be more specific, such as alterations to important legal documents, such as wills, or isolation/restricted access facilitated by a person within their close circle. In terms of how to prevent such occurrences, vigilance is key, and strategies for prevention should be considered as early as possible and may involve legal powers – such as Power of Attorney. Family members, caregivers, and other healthcare professionals are crucial to the recognition of unusual behaviours, and trusted individuals at financial institutions (such as financial advisors) can help with all aspects of finance around dementia, including strategies for early identification of any related issues.

For some (non-exhaustive) further reading, Alzheimer’s Society have some blog posts on the topic, including ways to spot financial scams, and real stories from people living with dementia who have been targeted by scammers. They also have a support line which can provide general support for those living with dementia and their families. An array of UK-focused resources are also provided at the end of an excellent blog linked here. Most banks will also have information regarding dementia-friendly banking or should be able to provide that on request. When researching for this blog, I also found out about banking options such as Sibstar, a partnership with Alzheimer’s Society and Mastercard for those living with dementia.

Financial exploitation and scam susceptibility affecting people living with dementia is a problem which, aside from the theft of financial resources, can have an extreme effect on psychological well-being. The cruel nature of dementia results in impairment in cognitive processes which enable identification and appropriate decision-making when confronted with such risks. As such, as people supporting, researching, or working with people living with dementia, it is imperative to understand how these risks can present, and how they may be mitigated. Whilst this blog isn’t exhaustive – and this specific topic isn’t my specialism, rather a topic I feel passionate about – I hope that it provides an introduction to the topic which raises awareness, and points to some resources which may be useful.

Jodi Watt

Author

Dr Jodi Watt is a Postdoctoral Researcher at University of Glasgow. Jodi’s academic interests are in both healthy ageing and neurodegenerative diseases of older age, and they are currently working on drug repurposing for dementia. Previously they worked on understanding structural, metabolic and physiological brain changes with age, as measured using magnetic resonance imaging. As a queer and neurodiverse person, Jodi is also incredibly interested in improving diversity and inclusion practices both within and outside of the academic context.

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