New research from Virgin Media O2 reveals the devastating financial and emotional toll on older victims, who lose an average of £831 to financial fraud. The fears are so widespread that over half (55%) of all Brits worry their older loved ones could lose their life savings.
The digital safety initiative comes as a vast majority of Brits (80%) are concerned about older family and friends falling victim to scams, with nearly three-quarters (73%) believing vulnerable older people are being deliberately targeted. The forced shift to online services due to bank closures is cited as a major concern, increasing the risk for 61% of over-65s.
Scammers are using increasingly sophisticated tactics, most commonly posing as trusted entities such as banks or HMRC (80%), or employing phishing texts and emails with malicious links (79%). Other key threats include parcel delivery scams, fake tech support and bogus pension or winter fuel offers.
The human cost is significant. One 74-year-old victim, Mary from Berkshire, lost thousands in a cryptocurrency scam involving a deepfake video. “The hardest part wasn’t just the financial loss; it was the shame and guilt I felt,” she said.
The fear of fraud is also stopping older people from enjoying the internet, with 45% avoiding online activities including shopping or banking. To combat this, the free, in-person Scam Schools will offer practical help on topics from spotting fake messages to creating strong passwords, aiming to boost digital confidence and safety ahead of Get Online Week (20-26 October).
Murray Mackenzie, Director of Fraud Prevention at Virgin Media O2, stressed the urgency: “Scammers are becoming ever more convincing… We’re committed to blocking millions of fraudulent texts and helping communities build the skills they need to spot and avoid scams.”