Financial crime is a serious issue that often targets and preys on older people – especially those who are lonely and isolated.
There is plenty of advice available on how to avoid scams and reduce the risks of becoming a victim.
Financial scams yield big profits for criminals. Scammers target people of all ages and backgrounds, but the average age of a scam victim is ‘75 years’.
Some older people are especially at risk, either because perpetrators target them or because their circumstances make them vulnerable. For example, if they are bereaved, lonely, or living with dementia.
Never judge someone who is a scam victim. Financial Fraudsters are experts in their game and prey on vulnerable people. Many scam victims experience a deep sense of shame and embarrassment, which can cause further suffering for them, often with serious consequences.
Common financial scams
Elderly people are often targeted by pension and investment fraud, but online romance fraud also occurs.
A lot of scams are sent by email, but postal, phone, text, and doorstep scams can also occur. Unsafe weblinks on social media are also growing. Impersonation scams are increasing – they almost doubled in 2020 compared with 2019. Commonly, criminals are sending scam text messages, phone calls, and emails impersonating trusted organisations such as the NHS, utilities, and banks.
How to avoid financial scams
Although most of us might know what to look out for, it’s easy to forget what to do in the heat of the moment. Make sure your loved ones have this advice close to their phone, tablet, etc and whenever they are faced with a request for money or information:
STOP. Take a moment to stop and think before parting with your money or information
CHALLENGE. Consider whether the request could be fake. It’s ok to reject, refuse, or ignore a request, and only a criminal will try to pressure you.
PROTECT. Contact your bank immediately if you think you have fallen for a scam, and report it to Action Fraud.
If your loved one falls for a scam
Immediate danger? Call 999 for emergency help
Call 101 for non-emergency enquiries or textphone 18001 101
If you have lost money, contact your bank immediately
Think ahead and ensure you will have sufficient information to help in an emergency
Report any fraud to Action Fraud the national fraud and cyber crime reporting centre (UK)
Phone: 0300 123 2040
Text phone: 0300 123 2050
For further advice on scams
Action Fraud is the national fraud & cyber crime reporting centre.
The Carents Room has more information on tackling phone scams and nuisance calls.
The following national campaigns also provide excellent, impartial advice to help everyone protect themselves from financial fraud:
Take Five
Take Five is a national campaign led by the UK Finance sector. It offers straightforward and impartial advice to help everyone protect themselves from financial fraud. This includes email deception and phone-based scams as well as online fraud – particularly where criminals impersonate trusted organisations.
Friends against scams
Friends Against Scams is a National Trading Standards Scams Team initiative, which aims to protect and prevent people from becoming victims of scams by empowering people to take a stand against scams.
Free eBook: Planning for an Emergency
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By planning ahead, you can greatly reduce the risks and dangers of these vulnerable situations.
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