CONSUMER FINANCIAL VULNERABILITY IN LATER LIFE: UNDERSTANDING SCAM VICTIMISATION AMONG AGEING CONSUMERS

Syadiyah Abdul Shukor

doi:10.33102/zgxpkr79

Authors

Syadiyah Abdul Shukor Islamic Business and Management, Islamic Finance and Wealth Management Institute, Faculty of Economics and Muamalat, Universiti Sains Islam Malaysia Author

DOI:

https://doi.org/10.33102/zgxpkr79

Keywords:

ageing consumers, consumer financial vulnerability, financial scams, financial exploitation

Abstract

Financial scams involving older adults have received increasing research attention, yet empirical evidence has examined consumer financial vulnerability among ageing consumers through reported scam cases remains limited. This study explores consumer financial vulnerability among ageing consumers by conducting a content analysis of 45 scam cases involving older adults reported in Malaysian media, published between 2022 and 2026. Specifically, it examines the types of financial scams, identifies the common scam tactics employed by scammers, analyses the financial losses incurred, and explore the reported consequences of scam victimisation. Findings reveal that phone/Macau scams, love scams, and investment scams were the most frequently reported scam types while authority impersonation, fear appeals, and enforced isolation were the most common tactics employed by scammers. The consequences extend beyond financial losses to include psychological/ emotional distress. The findings contribute to a better understanding of consumer financial vulnerability among ageing consumers and provide valuable insights for policymakers and practitioners in developing targeted scam prevention and financial literacy programmes.

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