RICHMOND, Va. (WWBT) – Criminals targeting older adults are exploiting trust, fear, grief and loneliness rather than a lack of technical skill, according to the FBI.
FBI Richmond Intelligence Analyst Heather Harris said the common image of an elder fraud victim as frail, isolated or unfamiliar with technology does not reflect the reality of these crimes.
“The fraudsters are pretty skilled, and they’re using tactics that work,” Harris said. “And honestly, it’s just being human. It’s not about the age.”
Elder fraud includes any victim age 60 or older, including many members of the baby boomer generation.
“They are from a generation of rule followers,” Harris said. “They’re polite and they’re…
MANAGEMENT & CULTURE (THE “TONE AT THE TOP”)
Fraud thrives in “sloppy” environments where leadership ignores the rules.
- The Fraud Triangle: For fraud to occur, three elements must be present: Pressure (the need for money), Rationalization (thinking “I deserve this”), and Opportunity (weak controls). You can only control the Opportunity.
- Whistleblower Hotline: Provide an anonymous way for staff to report “odd behavior.” Most internal frauds are caught via tips, not audits.
- Background Checks: Conduct credit and criminal record checks for all employees in financial or data-sensitive roles.
- Annual Ethics Training: Make sure every staff member knows that the company has a Zero Tolerance policy toward “borrowing” from petty cash or fudging overtime.