23 February 2025

We’re seen as easy prey. Cybercriminals smell weakness, a lack of computer savvy and therefore easy cash. Anyone in their 60s or older is disproportionately affected by scams, whether by phone calls and messages or through email. The average age of an email scam victim is 74. People especially at risk are those who are isolated or lonely, or living with dementia or cognitive decline.

These fraudsters take no prisoners. The vast majority of us who have smartphones and computers attract the attentions of scammers. Some 73% of UK adults (40 million) have been targeted and 35% (19 million) have lost money because of it. The average amount lost by victims is £1,730, according to National Trading Standards. But estimates of the proportion of victims reporting scams vary from about a third to as little as 5%. And beware. Someone who has been successfully conned is often targeted repeatedly and added to so-called ‘suckers lists’ shared between scammers.

Pensions target

Deep concern about the growing menace of computer fraud was expressed at the CSPA’s AGM in March. Pensioners are seen as lucrative targets. Following reforms in April 2015 allowing people to access their savings from the age of 55, there has been a surge in pensions fraud.

Basically, scammers are out to get their hands on your nest egg. Either the money will be switched to a dodgy investment scheme or it will simply disappear into their pockets. Don’t let them do it. The Financial Conduct Authority warns: “If you get a call out of the blue (a cold call) about your pension, the safest thing to do is hang up. It’s illegal and probably a scam. If you get offers via email or text, you should simply ignore them.” If you have time, the authority asks you to report these sort of approaches to the Information Commissioner’s Office.

One way of avoiding being taken in by fraud via your phone is by refusing to answer calls from an unknown number. If the call is legitimate, the person or company will probably leave a message. Thieves tend not to do that. Watch out for calls supposedly from your bank. Scammers might ask for your PIN and tell you to give your bank card to a courier. Your bank would never do this. Or a supposed technician may contact you claiming your device has a virus and you need to download software to fix it. This is actually spyware giving scammers access to all your online information. Calls claiming to be about correcting your council tax band or giving you a rebate are fake. Your council would never call you on such a subject out of the blue.

Another way thieves seek to help themselves to your hard-earned cash is through investment scams. Again, you will be contacted out of the blue and offered opportunities that seem too good to be true. They seem too good to be true because they are. You will be put under pressure with time-limited offers. But don’t be rushed – always take professional advice before committing yourself.

Crypto caution

Age UK says people should be especially vigilant about investing in cryptocurrency or foreign exchange trading schemes. Most cryptocurrencies aren’t regulated by the Financial Conduct Authority, so they aren’t protected by the UK’s Financial Services Compensation Scheme. You should also look out for email scams aimed either at stealing your money directly or accessing personal or financial information. The sender of the email may pretend to be a legitimate organisation such as your bank and ask you to log on to a fake website. Clicking on links or downloading attachments sent by fraudsters may damage your device. Check the sender’s email address. It will be unrecognisable or at least not quite the same as the organisation’s correct address.

If it is a scam, there are often spelling and grammar mistakes. So-called ‘phishing’ emails claiming to be from HM Revenue and Customs offer you a tax refund if you enter your details. The real HMRC would never email to give you a tax refund. In fact, any call from people claiming to be tax officials should be ignored.

In summary, if you receive a suspicious and unexpected email, don’t reply, don’t open any links or documents, just delete it. And report it as spam through your email provider. You may also receive scams through the post – a letter congratulating you on winning a cash prize, for example. Don’t respond, even if they look authentic.

A genuine lottery won’t ever ask you to pay a fee to collect your winnings. If you get a bill from a provider and you’re not sure whether you have an account with them, find the company’s contact details in the phone book or online and ask them directly.

A longstanding scam involves strangers claiming to have lost all their money in unfortunate circumstances or saying they need to pay for an operation and asking you for money. These stories are fake. You may receive a letter that tells you someone has left you money in their will. The letters may mention real law firms and even have seemingly genuine email addresses, postal addresses or websites. If you receive a suspicious letter, simply throw it away.

A scam invariably affecting older people involves equity release. Many readers of The Pensioner will have most of their money tied up in their home, so it can be tempting to convert some of that into cash. Worryingly, the Age UK name has recently been used by scammers offering such a service. But although the charity offers independent advice, it doesn’t offer equity release. Always check such schemes with a qualified adviser.

Fake car accident

Some of us have been called by a scammer asking about a car accident you’ve supposedly had, claiming you may be entitled to compensation. Don’t engage with the caller. If you’ve had an accident, call your own insurance company on the phone number provided on your policy. Texts are sometimes sent by scammers asking you to follow a link to fix a problem with one of your accounts or to track a parcel. These links will often take you to a fake website and get you to log in, which scammers can then use to access your information. Conmen can even mimic an official telephone number, leading you to believe the caller is from a legitimate organisation, such as a bank or utility company. Just because someone knows your basic details doesn’t mean they’re legitimate. And scammers can keep your phone line open even after you have hung up. Use a different phone or wait 15 minutes between calls to make sure they are no longer on the line.

There are new attempts to ensure fraud victims are compensated. Under rules coming into force this year, banks will be under stricter rules to reimburse people who have lost money. But it’s amazing how platforms such as Google and Facebook get away scot-free with enabling and transmitting these scams. It has not gone unnoticed by the banking sector.

UK Finance, which represents banks and other financial firms, is calling on the government to bring in legislation to force big tech and social media companies to spend up to £40 million a year on reimbursing customers and fighting fraud on their platforms. For these mega companies, that’s small change, but it could persuade them finally to take some responsibility.