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Financial scams & the elderly

July 2015

A report published today by the Financial Ombudsman Service suggests that people over the age of 55 are four times more likely to be caught out by “vishing” or a “no hang up scam”.   80% of the customers who were scammed were over the age of 55 and one in five were aged over 75.  The 200 cases reviewed involved losses of over £4 million.

The Financial Ombudsman service wants to encourage people to talk about scams with friends and relatives so they become more aware of the risks and have published a number of hints and tips to help people protect themselves from financial fraud.

If you want to talk about how setting up a Lasting Power of Attorney could also help protect you against fraud contact Andrew Raftery at our East Parade Office.

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