{"id":9968,"date":"2023-02-28T10:23:17","date_gmt":"2023-02-28T10:23:17","guid":{"rendered":"https:\/\/cliffordosborne.co.uk\/?p=9968"},"modified":"2023-02-28T10:28:21","modified_gmt":"2023-02-28T10:28:21","slug":"an-epidemic-of-fraud-impacting-young-and-old","status":"publish","type":"post","link":"https:\/\/cliffordosborne.co.uk\/an-epidemic-of-fraud-impacting-young-and-old\/","title":{"rendered":"An \u2018epidemic of fraud\u2019 impacting young and old"},"content":{"rendered":"
The latest annual fraud report published by UK Finance stresses the need for an urgent response to \u2018the epidemic of fraud\u2019 that the UK is currently facing.<\/p>\n
The report reveals that \u00a31.3bn was stolen by criminals through authorised and unauthorised fraud in 2021. In total, 56% of UK adults\u00b9 have received a suspicious communication or known someone who has in the last year, which equates to an estimated 29.6 million UK adults being affected by scams last year.<\/p>\n
Reportedly, scam victims aged over 70 lost about \u00a3977m\u00b2 in total between April 2019 and 2022. Official figures fail to capture the true extent of such fraud because these crimes remain under-reported, especially among elderly people who live alone.<\/p>\n
During the pandemic, criminals exploited victims\u2019 fears over coronavirus. Now, the cost of living crisis has become a new line of attack. The UK Finance report showed that authorised push payment (APP) fraud, where victims are tricked into transferring money into scammers\u2019 accounts, leapt by 40% last year. Such techniques are now being used to prey on people\u2019s financial preoccupations.<\/p>\n
Everyone, young or old, can be a victim of fraud. Indeed, under-25s are more likely to be defrauded on the phone than older generations. One study\u00b3 found the youngest cohort 75% more likely to have been scammed this way than those over 55.<\/p>\n
Scammers are also seeing a growing opportunity in cryptocurrencies, which are not regulated by the UK’s Financial Conduct Authority. In the year to May 2022, crypto frauds soared 58% to \u00a3226m, new research\u2074 has found.<\/p>\n
Anyone can be a victim of fraud. We are highly experienced independent financial advisers working across East Sussex and Kent who can help you protect your finances.<\/p>\n
If you\u2019d like financial advice on pensions, mortgages, investments or equity release please get in touch<\/a>. If you are a new client we also offer an initial financial review free of charge. We\u2019re based in Eastbourne, East Sussex, and can carry out meetings online, or visit your home or workplace in Uckfield, Lewes, Brighton, Tunbridge Wells, Hastings, Bexhill, Newhaven, Seaford, Crowborough and surrounding areas.<\/p>\n Why not read more financial advice in our blogs.<\/a><\/p>\n