‘Sharp rise in fraud targeted at over-65s’
We reveal why fraudsters are targeting older households - and the tricks they'll use.
Identity fraudsters are increasingly turning their attention to people who’ve retired, new research has suggested.
That’s because this group tends to own their home outright, have a sizeable savings pot and a good credit rating (which means fraudsters can borrow more in their name).
So says Nick Mothershaw, director of identity and fraud at Experian. Over the last two years, he claims there’s been a “relentless” rise in ID theft in the UK, driven mostly by current account fraud.
“While the biggest targets for fraudster remain young renters, our analysis shows that there has been an increasing focus on older people in retirement,” he adds.
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More over 65s at risk
Between 2013 and 2015, the percentage of such frauds aimed at over 65s has jumped from 2.9% to 5.2%.
Similarly, they are now the most targeted demographic for insurance policy fraud, accounting for almost one in seven incidences.
“These particular older members of society often have a good credit rating and have lived at the same address for a long time,” Mothershaw points out.
“They tend to be quite careful with money and uncomfortable with debt, so they tend to make little use of credit and loans.
“It would be devastating for them to suddenly find themselves in masses of debt because their identity had been stolen.”
How fraudsters target older households
We asked Mothershaw how criminals were most likely to target the over 65s. While online phishing mails are reasonably common, he says phone scams are especially relevant for this age group.
Mothershaw cites the example of the “no hang up” con. “The fraudster will ring the home phone and say they are calling from the bank. They claim their account is at immediate risk and ask the victim to ring back. However, they don’t actually hang up.
“The victim rings back but it's the fraudster still on the line. They might even play parts of the bank automated answer system to the victim to add credibility to the con.
“The fraudster then asks the victim for their online banking details to identify themselves – and their identity is stolen.”
If you want to learn more about ID theft – and what to do if you fall victim – read our complete guide here.
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