Over-55s warned to be wary of financial fraudsters

Older Brits have been urged to be on their guard against fraudsters as new research shows that large numbers continue to be taken in by scams.

The latest research carried out by Santander found that one in five over-55s have been victims of fraud, or at least an attempted fraud, at some point in the past 12 months.

In particular, it seems to be telephone banking scams that are most prevalent right now, with most victims of fraud getting fooled into sharing sensitive information over the phone, often with dire consequences.

Moreover, the research has found that, since new rules were introduced with the aim of making it easier for Brits to cash in their pension savings, the number and intensity of financial fraud scams has been rising dramatically.

Above all, Santander has warned that fraudsters are increasingly using the tactic of offering victims a pensions review or an investment opportunity or even a way of paying less tax in an effort to get them to share their bank details over the phone or over the internet.

Releasing the findings, Karen Tyler, head of fraud at Santander, said: "Scams against individuals can be devastating, it is therefore so important that people are aware of the different types of scams and take steps to protect themselves."

For instance, the simplest way of keeping safe from fraud is to be wary of any phone calls or emails portending to be from a bank or building society, with experts recommending getting in touch with the financial institution directly to ensure that any such communication is genuine.

Additionally, anyone who fears they may have shared their sensitive information with a fraudster is advised to get in touch with the Pensions Advisory Service so that their bank accounts can be shut down as quickly as possible.

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