Ollyy / sHUttERstOcK News One-third of over-75s targeted by investment scams New research by the Financial Conduct Authority (FCA) has revealed that one-fifth of people aged 55 and over suspect they were targeted by a fraudulent investment scam in the past three years, rising to a third among those aged 75 and over. However, offences of fraud and attempted fraud are vastly under-reported, so these figures represent the tip of a very large iceberg. A combination of recent pension freedoms and low interest rates offering poor returnson saving are making the over-55s an increasingly attractive target for fraudsters. On average, victims of investment fraud lost 32,000 each year. The research, carried out as part of the FCAs ScamSmart campaign, found that more than half of those who have invested in financial products made the decision by themselves, without informing their family or friends. Fraudsters often encourage secrecy, to stop others dissuading the person from making the investment. The research found: A fifth (22 per cent) of over-55s and a third (32 per cent) of over-75s believe they have been targeted by an investment scam in the past three years More than half (55 per cent) of those who have invested in financial products made the decision without consulting family One in eight (14 per cent) of over-55s spend little or no time researching financial investment products before handing over money, rising to a quarter (26 per cent) of over-75s Mark Steward, the FCAs director of enforcement, said: Fraudsters are targeting our growing over-55 population because they are more likely to have money to invest. They may put pressure on them to make a quick decision, or try to make the person feel stupid for not taking up their bogus offers. Increase in demand for UK European consumer centre Complaints by UK consumers about accommodation services while travelling in Europe are rising and now make up the third-largest number of assistance cases handled by the UK ECC. Transport problems are also on the rise, with grievances taking an even bigger share of the complaints markets than in the previous year. Andy Allen, service director at the UK ECC, said: There could be several reasons for the rise in volumes: more trips are being made to Europe by UK residents, and they are also spending more money while abroad. There also seems to be greater public awareness of the ECC Networks service. gaRagEstOcK / sHUttERstOcK More and more people are turning to consumer advice organisation, the UK European Consumer Centre (ECC), for help when they have a dispute with a trader in a European country other than Britain. Figures released in December show that the UK ECC dealt with 12,985 cases in 2015, up from 10,156 in 2014. Self declaration could help prevent fraudulent push-payment scams Vulnerable customers should be able to self declare their status and disable what are termed faster payments to prevent themselves being scammed, according to CTSI, Bournemouth Universitys National Centre for Post-Qualifying Social Work, and the National Trading Standards (NTS) Scams Team. Large transfers from vulnerable customers accounts would be placedonto a slower payment system, accompanied by a text or email toa nominated representative, creating an opportunity to stop fraudulent transactions. The advice follows the Which? super-complaint to the Payment Systems Regulator and the Financial Conduct Authority, calling on banks to better protect customers who are tricked into transferring money to fraudsters. The complaint highlighted the problem of push fraud, whereby victims are conned into paying the wrong person. The PSR has responded to say banks need to do more. While the research partners welcome the PSR response, they say more needs to be done to protect vulnerable people, who are at greater risk of being scammed. Steve Playle, a CTSI lead officer, said: There is a gap in consumer protection in the banking sector when push payments are unwittingly used to send money to scammers. Banks clearly have a duty of care to their customers, but expecting them to be liable for every bank transfer to a fraudster as suggested by Which? is, perhaps, a step too far. Plans to ensure that the number, sort code and name of the receiving bank account in any transfer will be matched before a transaction is processed will certainly help, but are a little way off. Louise Baxter, manager of the NTS Scams team, said: The main super-complaint has not covered issues such as the increasing vulnerability of adults with cognitive impairments, like dementia. We feel the measures that we propose should be considered in theshort term, while the banks and regulators take a closer look at pushpayments. Rogue traders jailed for targeting older people Two rogue traders received custodial sentences after prosecution by trading standards teams from Dorset and North Yorkshire county councils. Luke Cooney, of Dorchester, and Joshua Williams, of Poole, were sentenced at Bournemouth Crown Court in November 2016. Cooney pleaded guilty to two counts of fraud and three under consumer protection regulations, while Williams admitted one count of fraud. The court heard that between April and September 2015, Cooney had called, uninvited, at the homes of six elderly residents in Dorset and one in North Yorkshire, offering to do work on their driveways or roofs. He then found further unnecessary work, which increased the already overinflated price. Williams was called by Cooney to a house in Wool, where he falsely claimed that the ridge tiles needed rebedding. Sentencing Cooney, Judge Fuller QC said: These cases cause untold worry to the victims. These offences require significant planning and targeting [and] thats what makes them so serious.