Midlifers have become the target of financial scams which risk costing them their life savings. 

As you get older you are less likely to suffer from fraud, according Action Fraud, the police fraud reporting service. However, those aged between 40 and 59 are generally the group that lose the most when they fall victim.

Whilst younger customers might lose a few pounds to a fake item listed on an online marketplace, wealthier midlifers are instead targeted for their entire savings.

A teenager can fall for a dating scam just as a pensioner can buy a fictitious item online, but fraudsters typically know which groups to prey upon. Telegraph Money outlines some of the most common. 

Romance scams

The biggest scam to target midlifers is the romance or dating scam, according to police data. More than 40pc of romance fraud victims are aged 40 to 59. 

Typically, but not always, these scams involve making a new friend, often on the internet, who shows a romantic interest in you. Next come money troubles or reasons that joint purchases – perhaps for a holiday – should be paid via them. 

Unlike many scams, there is little time pressure in a romance fraud. It can pan out over months or even years. In extreme cases, a crook’s target is your house. In these cases fraudsters will try and marry you, rendering your prior wills void, and inheriting your home when you die. 

There are some common factors which are present in many romance scams:

  • You will be asked for money at some…

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