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

Daniel Chinaemerem, Oguntuase Michael, Eziefule Chinonso, Mayegun Kabirat, Bawah Kendi and Ndukwu Amaka
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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

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 9, 8214-8225

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.

Date: 2025
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