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Older people and credit card fraud

Abstract

With the ageing of the population, and increasing demand for individuals to be financially literate and self-sufficient, older Australians may find themselves at greater risk of fraud. Although the proportion of the elderly experiencing fraud is lower than for those aged less than 65 years, this is the crime they are most likely to experience and the effects can be devastating as the elderly are often not able to recoup the losses. This paper uses a series of simulation models to estimate the relative growth in fraud victims over the next 25 years. The modelling suggests that the prevalence of fraud could increase by up to 20% and the rate of growth in the number of older fraud victims will be much faster. Using unpublished data from the 2004 International Crime Victimisation Survey to estimate age profiles of credit and bank card fraud, this study examines the previously unexamined sociodemographic characteristics of the victims of this form of fraud. Finally, it seeks to provide indicative projections of bank and credit card fraud in the Australian economy over 2006-2031.

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