Claire Jones was enjoying a comfortable retirement after years working as a bookkeeper and keeping a close eye on her own personal savings. But just a few months after “winning the lottery,” she had lost hundreds of thousands of dollars.
It was a scam that, in her younger years, Ms. Jones would have sniffed out immediately. But as she aged, changes to her fluid intelligence and social and emotional processing turned her into a perfect target for scam artists.
Stories of financial fraud with elder victims are common, though many cases are preventable. Dr. Jason Karlawish, co-director of the Penn Memory Center, outlined a plan he calls “whealthcare” in his latest Forbes column.