Financial Fraud against Older People in Hong Kong: Assessing and Predicting the Fear and Perceived Risk of Victimization

Abstract

While the majority of studies on the fear of crime focus on the impact of violent and property crimes at the population level, financial fraud against senior citizens is often under-investigated. This study uses data collected from 1061 older citizens in the community through a cross-sectional survey in Hong Kong to examine the levels of fear and perceived risk among Chinese senior citizens toward financial fraud and the factors behind them. Logistic regression analyses were conducted to assess the explanatory power of four theoretical perspectives (vulnerability, victimization, social integration, and satisfaction with police) on fear and perceived risk of fraud victimization. The results indicate significant predictive effects of victimization experience and satisfaction with police fairness and integrity on both the fear and the perceived risk of fraud among respondents. The findings not only confirm the differential impact of theoretical explanations on these constructs but can also contribute to crime prevention policy and practice in an aging society.

It Happened Again: Differences Between Single and Repeat/Poly-Victimization Among Financial Fraud Victims

“…A smaller, but growing, body of studies have examined potential risk factors that may contribute to experiencing financial fraud including demographics, online behaviors, and personality or psychological characteristics. A large proportion of these studies have focused on older adults, with age used as a primary risk factor (Burnes et al, 2017; Cross, 2015; DeLiema et al, 2020; Li et al, 2022; Smith, 2000). However, results are not consistent across all studies (see Ross et al, 2014) with some research finding that younger individuals may be at higher risk for certain types of financial fraud, such as free prize or product fraud (Schoepfer & Piquero, 2009) or financial fraud more generally (Kerley & Copes, 2002; Titus & Gover, 2001; Van Wyk & Benson, 1997).…”

Exploiting fear and vulnerabilities of senior citizens: are regulatory changes required to prevent digital frauds?

“…The elderly face difficulties, have fear, memory issues and obstacles in comprehending the technical part related to technology and allied services (Damodaran et al , 2013). Financial frauds in senior citizens remains a grey area which is under-investigated and fear and risk of fraud can be evaluated from vulnerability and victimisation (Li et al , 2022). As opined by Shang et al (2022), elderly should be careful and cautious while facing online and internet information.…”

Financial fraud victimization: an examination of distress and financial complications

“…Demographics such as age, race/ethnicity, sex, financial situation, employment status, consumer behaviors and psychological and personality characteristics have all been linked in various degrees to risk. Perhaps the most common assumed linkage is age, with several studies using samples of older individuals to examine experiences of financial fraud (Burnes et al , 2017; Cross, 2015; DeLiema et al , 2020; Li et al , 2022; Smith, 2000). However, within this research there is not always a consensus (Ross et al , 2014) with some studies finding that younger individuals may be at higher risk for certain types of financial fraud like free prize or product fraud (Schoepfer and Piquero, 2009) or financial fraud in general (Kerley and Copes, 2002; Van Wyk and Benson, 1997).…”

“…Risk factors associated with financial fraud While a large body of literature exists that examines identity theft fraud (Anderson, 2006;Golladay and Holtfreter, 2016;Hu et al, 2021;Randa and Reyns, 2020;Reyns and Henson, 2016 for examples), fewer published empirical studies exist that examine financial fraud, its various forms, predictors of risk and consequences. Furthermore, some forms of financial Financial fraud victimization fraud, such as investment fraud, have received more attention in the literature, while others, such as relationship and trust fraud, are more rare and often only focus on older individuals (DeLiema et al, 2020;Li et al, 2022 for examples) as victims. However, the available research does suggest some patterns of risk for financial fraud at multiple units of analysis including macro level indictors and individual factors.…”