Elderly People and Scams (Infographic)
Today I’m sharing another eye-opening infographic from my friends at the credit reference agency Equifax.
It’s an unfortunate fact that older people with vulnerabilities can be targeted by scammers. Older people often fear being mugged or burgled – but 90% of all crimes committed against the over 65s are actually fraud.
Scammers don’t always come across as aggressive or pushy – they can often appear very polite and friendly, which is how they win people over and gain their trust. They use several methods to commit identity theft and steal money, which include:
- Online scams (for example, via fake emails)
- Phone scams (where scammers call up and pretend to be a company or business)
- Postal scams (where fake letters encourage people to reveal their bank details)
- Doorstep scams (where scammers try to gain access to your home, or ask for money)
Age UK has reported that almost 5 million people over the age of 65 believe they have been targeted by scammers. People living on their own, or suffering with dementia, are especially vulnerable.
The same study revealed that 27% of single people were duped by a scam when they were targeted, compared with less than a tenth of people who lived with someone else.
The cost of fraud – in terms of money, time and individuals’ health – is massive.
- In 2017, victims suffered an average loss of £29,000 due to investment fraud
- On average, pension scam victims lose £91,000
- It can take weeks to sort out the aftermath of a scam
The infographic below sets out some ways to help elderly people protect themselves against scammers – and warning signs that might suggest they’ve been targeted..
The infographic includes some excellent advice on ways to reduce the likelihood of being scammed online. But, of course – as mentioned at the start of the article – scammers operate in other ways as well.
An increasingly popular method is scam phone calls, e.g. this one where the victim receives what appears to be a genuine phone call from HMRC telling them that they are being prosecuted for tax evasion. Of course it’s a lie, the purpose of which is to get the victim to make payments into the scammer’s bank account and/or hand over their bank details. If you know any older people who may be vulnerable to telephone scams, it’s important to warn them about this and tell them always to contact you for advice before they respond.
As always, if you have any comments or questions about this post (or the infographic), please do leave them below.
November 24, 2019 @ 4:41 pm
This is a great post, and fab infographic. It’s absolutely appalling that so many get conned. I worry too because my own parents – in their 70s and fairly wise and sceptical – have very nearly fallen for scams a few times. Those taking advantage of people like this should be absolutely ashamed of themselves. Every little helps in learning more about these types of scams and what can be done to prevent them. I think I’d like to do a similar post at some point, too. Nicely done, Nick.
Caz x
November 24, 2019 @ 6:27 pm
Thanks, Caz. Glad you like the post and the infographic. Yes, there is far too much of this going on, and older people are often a target for it.