10 June saw the start of a Scam Awareness Campaign which purpose is to 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.

This week the focus is on 40 – 60 year old – ‘Life Established’

In terms of raw numbers, this is the group that are most affected by scams. Part of this is due to the fact that they are more likely to report scams, but it may also be due to their circumstances, for example being a homeowner or having access to financial assets.

Life Established – The Facts

• A third of all victims of scams are 41–60-year old. This age group accounts for the highest percentage of prior fraud victims (34.3%).
• While they are targeted by a wide range of scams, there are certain scams they are more vulnerable to. These include investment fraud, phishing and other banking scams, property scams and pension liberation scams.
• Victims of cyber-crime fraud are also more likely to be aged between 41–60.
• CIFAS (Credit Industry Fraud Avoidance System) 2018 ‘Fraudscape’ report shows that there were 48% more victims of impersonation over the age of 40 in 2017 than those under 40.  Cifas is a not-for-profit company working to protect businesses, charities, public bodies and individuals from financial crime. 

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After  the introduction of Pension Freedoms in 2015 giving people more flexibility and access to their pensions, there was also a rise in potential frauds and scams.

To try to combat this, as of 9 January 2019, companies that make unsolicited phone calls to people about their pensions became  liable to enforcement action, including fines of up to £500,000.

As many as eight scam calls take place every second - or a massive 250,000,000 calls a year – according to research from the Money Advice Service. Victims of pension scams can lose their life savings and be left facing retirement with limited income.

According to the Financial Conduct Authority, pension fraudsters stole on average £91,000 per victim in 2018.

If you receive a cold call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113.

Sources of Help:

• Pension Wise is a free impartial service for people to discuss pension options. Book an appointment online or phone 0800 138 3944.
• The Pensions Advisory Service offers impartial information and guidance on scams.
• The Pensions Regulator has handy downloads for consumers to help them spot pension scams.

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These often start with an unsolicited phone call and frequently involve scam investments in wine, shares, rare earth minerals and land investments overseas.

Last year, victims of investment fraud lost on average £32,000. The Financial Conduct Authority (FCA) advice is: check investment opportunities are genuine before parting with any money.

Recovery Room fraud: This is a method where criminals contact victims of previous frauds claiming to be able to recover previously lost funds for an upfront, advance fee. When Recovery Room fraudsters contact victims of wine investment fraud they will usually claim to be a legal professional such as an insolvency practitioner or a representative of another investment firm. 

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