Elderly Chinese are increasingly common targets of financial fraud in 2022

Elderly fraud is a major issue that is becoming more and more common in China. In April 2022, the government will launch a six-month special campaign to combat and rectify elderly fraud nationwide. After the campaign, data released by the Supreme Procuratorate showed that a total of 7,594 suspects of various types of elderly fraud were arrested and 8,516 were indicted by procuratorates across the country.

There are several key characteristics that make elderly fraud particularly challenging to combat. First, the fraudulent schemes used by criminals are often confusing, with names like “elderly projects,” “elderly insurance,” or “elderly assistance” designed to defraud elderly people of their money and property. Second, the methods used by criminals to commit fraud are highly tempting, using small favors like giving out eggs or offering card subsidies to entice elderly people into their trap. Third, suspects often use illegally obtained personal information to target their victims more accurately, using this information advantage to mislead and infringe on the personal information of citizens. Finally, the “herd mentality” of elderly people makes it easier for criminals to defraud them, using the “confirmation effect” of “many people are doing it” to convince elderly people that their investment will yield high returns.

To combat this issue, it’s important to raise awareness among elderly people about the risks they face and how to protect themselves. This includes educating them about the common tactics used by fraudsters and providing them with the tools and resources they need to stay safe.