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Fraud Prevention Education for Older Adults: A Business Case for Financial Institutions

Author

Listed:
  • Daniel Chinaemerem

    (LeBow College of Business, Drexel University, Philadelphia PA USA,)

  • Oguntuase Michael

    (LeBow College of Business, Drexel University, Philadelphia PA USA, College of Computing & Informatics, Drexel University, Philadelphia PA USA)

  • Eziefule Chinonso

    (College of Computing & Informatics, Drexel University, Philadelphia PA USA)

  • Mayegun Kabirat

    (LeBow College of Business, Drexel University, Philadelphia PA USA,)

  • Bawah Kendi

    (LeBow College of Business, Drexel University, Philadelphia PA USA,)

  • Ndukwu Amaka

    (Centre of Excellence for Data Science, Artificial Intelligence& Modelling, University of Hull, Hull, UK)

Abstract

Older adults face disproportionate financial losses from fraud despite increasing investments by banks in fraud alert technologies. This paper evaluates the business case for educational interventions targeting older adults, using quasi-experimental analysis of public campaigns, fraud reports, and banking data. Through difference-in-differences models, synthetic controls, and business ROI simulations, the study demonstrates how even small-scale educational interventions can generate measurable reductions in fraud losses, improve customer trust, and create long-term business value for financial institutions.

Suggested Citation

  • Daniel Chinaemerem & Oguntuase Michael & Eziefule Chinonso & Mayegun Kabirat & Bawah Kendi & Ndukwu Amaka, 2025. "Fraud Prevention Education for Older Adults: A Business Case for Financial Institutions," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 9(9), pages 8214-8225, September.
    • Handle: RePEc:bcp:journl:v:9:y:2025:issue-9:p:8214-8225
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    References listed on IDEAS

    as
    1. Burnes, D. & Henderson, C.R., Jr. & Sheppard, C. & Zhao, R. & Pillemer, K. & Lachs, M.S., 2017. "Prevalence of financial fraud and scams among older adults in the United States: A systematic review and meta-analysis," American Journal of Public Health, American Public Health Association, vol. 107(8), pages 13-21.
    2. repec:aph:ajpbhl:10.2105/ajph.2017.303821a_2 is not listed on IDEAS
    3. Burnes, D. & Henderson, C.R. & Sheppard, C. & Zhao, R. & Pillemer, K. & Lachs, M.S., 2017. "Prevalence of Financial Fraud and Scams Among Older Adults in the United States: A Systematic Review and Meta-Analysis," American Journal of Public Health, American Public Health Association, vol. 107(8), pages 1295-1295.
    4. repec:aph:ajpbhl:10.2105/ajph.2017.303821_6 is not listed on IDEAS
    5. Callaway, Brantly & Sant’Anna, Pedro H.C., 2021. "Difference-in-Differences with multiple time periods," Journal of Econometrics, Elsevier, vol. 225(2), pages 200-230.
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