How to Spot and Avoid Financial Scams as an Older Adult

Scammers are targeting older adults in the UK more than ever. Research shows that 61% of people over the age of 65 have been targeted with victims losing £4000 each, on average.

Scams don’t only drain bank accounts. Data shows that 31% of people over 65 report that being a victim of fraud has negatively impacted their mental health and 12% share that it has worsened their physical health.

Knowing how to spot and avoid online scams is essential in today’s digital world and in this guide, we’ll show you exactly how you can stay safe.

What Are the Common Online Scams Targeting Elderly People in the UK?

Spotting how scammers operate helps you stay one step ahead:

1. Bank and Payment Scams

These scams often begin with a text, email or phone call claiming to be from your bank. They might tell you that your account has been compromised, claim that money has been taken from your bank account or ask you to verify a transaction.

Often, the message may include a link to a false website that looks similar or almost identical to your actual bank’s.

Then once you type in your details, the scammers can get access to your account and move your money.

Remember: your bank will never ask for your full password, PIN or tell you to move money to a so-called “safe account.”

2. Investment and Cryptocurrency Scams

You may see flashy online adverts offering big returns from Bitcoin or other guaranteed investments. Sometimes these ads can even use deepfakes to feature fake celebrity endorsements (Martin Lewis is often targeted).

These scams usually urge you to invest a small amount at first, show fake profits and then pressure you into investing more.

Tip: Always check the Financial Conduct Authority’s website to see whether a company is authorised before investing.

3. Romance Scams

You may have seen romance scams being covered on popular day-time TV shows. They often start on dating apps or social media with scammers making fake profiles to get your trust and affection.

Once a bond forms they come up with stories of supposed “emergencies” like needing money for surgery, applying for a visa or escaping a bad situation and ask you to help by sending money.

These scams tend to go on for a long period of time, weeks sometimes even months.

Look out for these red flags:

• The person avoids video calls
• Things move very quickly
• They constantly have an excuse for needing money

4. Tech Support Scams

You may receive a pop-up on your laptop/computer or even a phone call saying your device has a virus or that your internet will be disconnected.

The scammer may pretend to be from Microsoft or BT and ask if they can remotely access your device to fix the issue.

Key signs to look out for:

• Cold calls claiming to be from “Windows Support”
• Pop-up warning signs asking you to call a number or click on a link
• Asking you for payment via bank transfer or gift cards

Remember: no legitimate tech company will ever call you out of the blue or ask to access your computer.

5. Phishing Emails and Bogus Delivery Messages

Scammers send emails or texts claiming to be from Royal Mail, Amazon, Evri or other delivery companies, saying you’ve missed a delivery and need to reschedule.

These messages almost always include links to false sites asking for personal details or payment for redelivery.

Sometimes even just clicking on the link can allow the scammer to access further data from your device so it’s best to report the message as junk/spam and block the sender.

Look out for these warning signs:

• Poor grammar, spelling and formatting
• You know you haven’t ordered anything, yet the message claims you have
• Requests for small payments (like £1.50 etc) which can then be used to steal your card information

Some More Warning Signs That You Might Be Being Scammed

Some additional red flags to watch out for include:

• Urgency and panic tactics: “you have to act now or your account will close”
• Unsolicited and unexpected contact
• Requesting for personal details
• Threats or intimidation
• Too good to be true offers
• Call spoofing: scammers may use tech to make it look as though the call is coming from a legit organisation or official number

How Can You Stay Safe and Avoid Being Scammed Online?

1. Always verify the sender

Never click on a link in unexpected or suspicious emails or texts. Always use official contact details to check legitimacy.

2. Use two-factor authentication

Setting up two-factor authorisation means there’s an added layer of protection to stop someone if they try to access your accounts.

3. Keep Your Software Up to Date

Make sure your browser and antivirus software have the latest security updates.

4. Talk it through

Scammers rely on loneliness and secrecy. Tell your family, friends, or trusted neighbours about any suspicious calls or messages you’ve had.

5. Set up alerts

Most banks offer free text message or app alerts which let you know immediately if a card has been used without your permission.

You don’t need to be a tech expert to stay one step ahead of scammers. At HelpAlert, we believe everyone deserves to feel confident and safe online, especially when it comes to finances.

If something doesn’t feel right, trust your instincts. Get in touch with us at careteam@helpalert24.co.uk or head to our website’s Money & Legal section for more advice.

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