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Scams Awareness Month – scams which target 41-60 year olds

3 Jul 2017

A third of all victims of scams are 41–60 year olds. Whilst this 'life-established' age group is targeted by a wide range of scams, there are certain scams they are most vulnerable to. These include investment fraud, phishing and other banking scams, property scams and pension liberation scams.

Cases we’ve seen

A CAB client made an investment following a cold call from a company called WYNN who claimed to deal in fine wine. They told him his investment would mature and increase in value over time. He initially paid a deposit of £200. He made the payment over the phone on his credit card. WYNN has recently been looking for more money from him because the investment has ‘matured’ and they have promised him greater profit. The client did not want to make the further investment however the company said he had committed himself.

A CAB client is worried that she lost her pension of around £110,000 in total value after moving the pension to an unauthorized firm via a cold call last year. When she spoke to the caller they guaranteed a much better annual return on her pension pot up to her retirement date in a few years’ time and early release for some of the money this year. She has had very little information from the firm and now their website is no longer active and their phone line doesn’t connect. The CAB helped the client to contact the Police and FCA about her pension for investigation.

Top tips for the Life established

  • Don’t invest in schemes sold by cold callers – they are usually very high risk or worst a complete fraud.
  • Be wary of those who downplay the risks in your investment. Be especially wary of firms who sell a scheme as 100% risk free.
  • Be wary of people who tell you that it’s a time-limited offer and you must act quickly to get the investment.

For more information on our campaign or tips and guidance on how to stop and spot scams, click on the links below.

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