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In this issue:
10 June sees the start of a Scam Awareness Campaign and will focus on empowering our residents to be confident, alert and enable them to ‘Stop, Report & Talk’ if they spot a scam.
Trading Standards, in partnership with Citizens Advice, hope by giving our residents the knowledge and confidence to spot, report and talk about scams, a united stand can be taken against these crimes that affect people across the country.
The campaign, taking place between 10 - 23 June 2019, will focus on two target groups: those over 60 and the 'life-established' (40s - 60s).
Older people – The facts
- Figures from National Trading Standards show that older people are deliberately targeted more than other demographic groups.
- This group also sees the largest proportion of people who are repeat victims of scams.
- 75 is the average age of reported scam victims.
- £4,500 was found to be the average financial loss for those aged between 75–89 years old.
- Those over 70 have the highest reported detriment from numerous types of scams.
- Those aged 61–80 were more likely to be victims of investment fraud. This type of fraud has a huge detriment with a median loss to victims of £10,500 compared to a median loss across all scams of £395.
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It is reported that there has been a sharp rise in the volume of unsolicited calls from investment scammers which is putting growing numbers of older people at risk of being conned.
They can fall victim to unregulated and often fraudulent investment schemes involving everything from land, wine and classic cars to gold, diamonds and art.
With the current low interest rates, some of these ‘investments’ appear to offer a much better rate of return on monies.
However, unsolicited contact via cold calls, letters and emails is the most common technique used by investment scammers.
One of the most popular scams involves investing in land. So-called ‘landbanking’ companies typically buy agricultural or other land without residential planning permission and with no chance of ever obtaining it, divide it into small parcels and sell these to investors.
These firms employ hard-sell tactics, and many of those targeted are older people with a lump sum or an inheritance to invest and will often misleadingly state that there is either planning permission already in place, or it is to be granted which would see the value soar.
Trading Standards advise:
- Never deal with people who cold call you to sell investments.
- Not all investment products are regulated by the Financial Conduct Authority - work out the risks.
- Just because you are promised a 12% return, what if the business you are dealing with goes bust?
- Thoroughly research all investments and consult trusted family and friends before parting with any cash.
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The aim of any scammer is to part you and your money. Everyone should be on their guard as scammers are now using more sophisticated methods in their attempts to convince people that what they are offering is legitimate or official.
The following list provides a summary of the typical scams encountered by the Trading Standards services that are predominately aimed at older people:
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'Phishing' for your identity - scammers ask for your personal or account details claiming they are from a legitimate business or bank that you deal with. They then use your details to empty your bank account or buy luxury/high value goods using your account details.
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Letters from psychics or clairvoyants - promise to make predictions that will alter your fortunes for a fee. Sometimes they threaten that bad things will happen if you don't respond.
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Lotteries, sweepstakes and competitions - usually sent through the post and promise that you have won something...however, you must send an "administration" fee first. These scams typically originate from companies you have never heard of and are based abroad, but despite never entering you have still won! These scammers make their money from the fees people send to them and also from selling on the details of those responding. Beware of mobile phone calls like this, as ringing the number they ask you to will cost a fortune on your next bill.
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Catalogue scams – Offer ‘miracle cures’, products and vitamins that are often overpriced. The products either do not arrive or are of little or no value. Victims are often entered into fictitious prize draws as an incentive to continue ordering products.
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Copycat websites – These try to look official but charge a premium to handle the application or renewal, with no tangible benefit to the customer. If you are applying for any official document or licence, ALWAYS begin your search on the UK Government's own website GOV.UK
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There are organisations that can offer help for older people who have been scammed or are at risk of becoming scam victims:
www.thinkjessica.com Think Jessica is a charity protecting elderly and vulnerable people from scams which come through the postal system and by telephone.
www.ageuk.org.uk Age UK has local branches providing help and support for older people. The Coventry Branch can be contacted on 024 7623 1999.
www.thesilverline.org.uk The Silver Line is a free 24 hour dedicated helpline providing information friendship and advice for older people across the UK. Call 0800 470 80 90. The website provides information and befriending for elderly people.
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For
more information on scams, visit: www.coventry.gov.uk/scams
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