Scammers target older Aussies

OLDER Australians and vulnerable people are the biggest targets and victims of scams with almost half the losses of all scams last year coming from over 55 year olds.

In an analysis of the latest ACCC statistics, people aged 55 to 64 were the biggest losers, accounting for 26 per cent of losses, while those 65-plus were the next largest group with 22 per cent of total losses.

And it’s not just savings and investment scams that make older Australians the biggest targets – an increasing number of scams within this age group are through dating and romance connections.

However, investment and financial offers are still the most common form of ripping off older people. Investment scams during 2018, across all age groups and all government reporting agencies, accounted for losses of $86 million, an increase of 34 per cent during the past year. Of this, $39 million were reported through the ACCC’s Scamwatch which found 48 per cent of victims were over age 55.

“Investment scams are the most financially harmful because the scammers invest time and money into convincing sales pitches, flashy websites and even glossy brochures,” ACCC deputy chair Delia Rickard said.

Older Australians also often have a larger pool of money as they accelerate their retirement savings or have already established a large savings or asset nest egg.

Dating and romance scams were the second biggest rip off nationally, accounting for $60 million in losses last year.