One in four retirees losing money

One in four retirees has lost more than $1000 in credit card fraud, according to new research that has also identified the two most common scams affecting over-65s.

The research, conducted by Compare the Market, reveals that scammers most commonly target over-65s and that baby boomers aged 55-64 were the next in line with 22 per cent reporting scams

Younger people seem savvy about being scammed, with just 11 per cent of cardholders under 25 registering fraudulent activity on their credit card.

The Australian Competition and Consumer Commission (ACCC) says that 3452 fraud reports involving credit cards have been lodged this year alone, with almost half (47 per cent) marked as online shopping scams.

Bank of Queensland money expert Rod Attrill said older Australians were especially prone to online shopping and credit card cons as many weren’t up to speed with a cashless, and often cardless, society.

“Those heading into the later years of their life are having to keep up with the fast-paced nature of a cashless society, which can prove both difficult and costly,” said Mr Attrill.

“Especially for scammers online, this particular demographic is also perceived as having more accumulated wealth, which makes them an attractive target when grabbing card details.”

The two main methods scammers are using to fleece older Australians are phishing and identity theft.

“Phishing is where consumers are tricked into giving out their personal information, such as credit card numbers, either online or over the phone,” said Mr Attrill, going on to explain how identity theft “is particularly prevalent [as a threat] for those wanting to regularly use card details”.

“If you suspect your financial details were stolen, you should alert your bank immediately for a better chance at recovering your money,” he said.

Have you ever been scammed? Could you have been scammed and not known about it?

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Written by Leon Della Bosca

Leon Della Bosca has worked in publishing and media in one form or another for around 25 years. He's a voracious reader, word spinner and art, writing, design, painting, drawing, travel and photography enthusiast. You'll often find him roaming through galleries or exploring the streets of his beloved Melbourne and surrounding suburbs, sketchpad or notebook in hand, smiling.
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