Financial fraud and scams pose a significant threat to older people, particularly those already facing financial hardship. At Independent Age, we conducted thorough research to understand the full impact of scams on vulnerable older individuals, focusing on the financial, emotional and physical toll such fraud takes.
Our findings reveal that nearly 3 in 5 people aged over 65 have been targeted by scams, with average losses of £4,000 per victim. The repercussions of these crimes go far beyond financial strain, with 31% of victims reporting long-term mental health challenges and 12% experiencing negative physical health effects.
In this report, we explore the wide-ranging impacts of financial fraud on older adults, examining the different types of scams they encounter and the barriers to reporting these crimes. We also provide recommendations for preventing scams and supporting victims more effectively through collaboration with financial institutions and other key stakeholders.
By working together, we can create a safer environment for older people and reduce the lasting damage caused by scams.