{"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

Preying on the elderly<\/h2>\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

Cost of living<\/h2>\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

Tech effect<\/h2>\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

Don\u2019t suffer in silence<\/h2>\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

You can also see what our clients have to say by reading our VoucherFor reviews<\/a>.<\/p>\n

\u00b9Canada Life, 2022, \u00b2Action Fraud, 2022, \u00b3Truecaller, 2022 \u2074NordVPN, 2022<\/p>\n

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.<\/strong><\/p>\n

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.<\/p>\n

It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.<\/p>\n

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.<\/p>\n

If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.<\/p>\n

The information contained within the blog is for information purposes only and does not constitute financial advice.<\/p>\n

The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"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, read on to find out more…<\/p>\n","protected":false},"author":2,"featured_media":9973,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[400,23,24,61,62,63,384,399,170,208,209,210],"yoast_head":"\nAn \u2018epidemic of fraud\u2019 impacting young and old - Clifford Osborne<\/title>\n<meta name=\"description\" content=\"Find out about the \u2018epidemic of fraud\u2019 impacting both young and old in Eastbourne, East Sussex and across the UK\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cliffordosborne.co.uk\/an-epidemic-of-fraud-impacting-young-and-old\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An \u2018epidemic of fraud\u2019 impacting young and old - 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