Pensioners are unfortunately becoming increasingly targeted by scam correspondence through a variety of mediums including phone calls, texts, emails and websites. These scams are sadly becoming more and more challenging to pick out. This means those who feel they may be protected and vigilant to this kind of activity could also end up falling prey. Understandably, the consequences could be life-changing for those caught up in the scammers’ web. Some could stand to lose thousands of pounds, or see their retirement ruined. Others who have nearly fallen victim to scams have seen their trust dented forever. 

The vast majority of those who have not fallen victim to a scam communicated to the FSCS that they had an ongoing fear about becoming one in the future. 

However, the body has also warned retirees not to be dismissive of becoming a scam victim, as its research showed 57 percent of men were more likely to think they would not fall for one, alongside 49 percent of women.

Caroline Rainbird, CEO at FSCS, commented on the matter, sounding the alarm on the scams many people are unfortunately falling victim to.

She said: “Scams are becoming more commonplace, better coordinated and harder to spot. We are helping to tackle scams where we can, for example by monitoring and reporting scams to the financial regulator, the FCA, but given the scale of the issue, consumers need to act as the first line of defence.

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