‘Harder to spot!’ Pensioners issued stark warning as over 55s become victims of scams

Pensioners are unfortunately becoming increasingly targeted by scam correspondence through a variety of mediums including phone calls, texts, emails and websites. These scams are sadly becoming more and more challenging to pick out. This means those who feel they may be protected and vigilant to this kind of activity could also end up falling prey. Understandably, the consequences could be life-changing for those caught up in the scammers’ web. Some could stand to lose thousands of pounds, or see their retirement ruined. Others who have nearly fallen victim to scams have seen their trust dented forever. 

The vast majority of those who have not fallen victim to a scam communicated to the FSCS that they had an ongoing fear about becoming one in the future. 

However, the body has also warned retirees not to be dismissive of becoming a scam victim, as its research showed 57 percent of men were more likely to think they would not fall for one, alongside 49 percent of women.

Caroline Rainbird, CEO at FSCS, commented on the matter, sounding the alarm on the scams many people are unfortunately falling victim to.

She said: “Scams are becoming more commonplace, better coordinated and harder to spot. We are helping to tackle scams where we can, for example by monitoring and reporting scams to the financial regulator, the FCA, but given the scale of the issue, consumers need to act as the first line of defence.

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“By remaining vigilant and asking themselves, is the provider genuine, and is the person they’re speaking to who they say they are, consumers will be able to better protect themselves from this growing threat.”

Scammers can often target people who live alone, are at home during the day, or are more likely to spend time on the phone – perhaps due to loneliness. This means older people and older vulnerable individuals can often fall prey without even realising it, until it is too late.

As a result, the FSCS has issued recommendations to help all people protect themselves from being targeted in a malicious way.

Firstly, Britons should always check the details of the person they are dealing with – particularly if this is via phone, in person or a website.

Retirees are also being targeted for their pensions, with promises of high returns, early access or long term investments – all of which can be extremely risky. 

Consequently, all Britons are urged to seek financial guidance or advice before changing any pension arrangements. This can be done through the Government’s free and impartial service, MoneyHelper, PensionWise, or through a financial adviser regulated by the FCA. 

Those who believe they may have unfortunately fallen victim to a scam are encouraged to contact their bank or building society as soon as possible to see if payments can be stopped and funds secured.

Indeed, people can also contact Action Fraud, the national cybercrime and fraud reporting service, who can investigate the matter further and work to take down the scammers involved. 

The FCA warns: “Be aware that if you have already invested in a scam, fraudsters are likely to target you again or sell your details to other criminals. 

“The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.”