One fifth of elderly people fall victim to con gangs – new laws needed
ONE in five pensioners has fallen for a financial scam, figures reveal.
Legitimate-looking websites (28 percent), high returns (19 percent) or a caller sounding trustworthy (18 percent) were the most common ways used to con elderly people.
The Financial Services Compensation Scheme found almost a fifth (17.5 percent) of retirees aged 55-75 had been tricked.
And of those who had not fallen victim, most (63 percent) fear becoming one.
Dennis Reed, director of elderly campaign group SilverVoices, said "insufficient priority" was being given to tracking down gangs.
And Gareth Shaw, of consumer magazine Which?, called for new laws to make online platforms responsible for scam adverts and robust rules to ensure victims are swiftly reimbursed.
Meanwhile, Financial Conduct Authority data suggests scams activity is increasing, with 1,204 warnings issued in 2020, up 100 per cent on 2019.
Its ScamSmart website explains how to avoid being fleeced.