November 17, 2021

94% say providers aren’t doing enough to protect older people from financial abuse » Scammer News

“We believe brokers and IFAs have a real duty to look out for signs of financial abuse. That is why we have produced online guides to help them identify possible cases.”

Hodge is calling on intermediaries and brokers to be alert to the financial abuse of their elderly clients after new research reveals 94% of 45–70-year-olds believe financial service companies need to do more to protect older people from this kind of abuse.

More than a quarter (27%) of those surveyed know or care for an older person who has been a target of an online scam to access their finances in the last year and 14% know someone who has been the victim of economic abuse by a person they should be able to trust.

Around 8 in 10 people think older people are more vulnerable to economic abuse and scams because they don’t have the skills and knowledge to manage their finances online and keep themselves safe.

The results have prompted Hodge…

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