
Money management
Staying safe from scams in retirement
Fraud affects people of all ages, but for older adults, the financial and emotional stakes can be a lot higher. From suspicious phone calls and deceptive emails to long-term online scams, fraudsters are becoming more sophisticated in their tactics, especially when targeting those in, or approaching, retirement.
Why? Because they know many people around this age have worked hard to build up a pot of savings and are now ready to enjoy the life they’ve planned.
But it’s not just about money. The emotional impact of fraud can be just as difficult. That’s why it’s important to stay informed, feel confident, and know what to look out for.
The data speaks for itself
According to Age UK, every minute in England and Wales, four people aged 50 and over are scammed. That’s over 5,700 people every day.
- 65% of people aged 65+ have been targeted by fraud.
- The average loss per scam is £4,000.
- In some cases, losses reach tens of thousands of pounds.
How to protect yourself
Whether you’re protecting your own finances or supporting a loved one, here are three key steps to follow before making any payment or sharing personal information:
- Stop – Pause before responding to any unexpected request.
- Challenge – Ask yourself: does this make sense? Is it really who they say they are?
- Protect – If something feels wrong, contact your bank and report it to Action Fraud.
If you’ve experienced or suspected fraud, you’re not alone. Speaking up can make a real difference and help prevent further harm.
Trusted resources
There are excellent resources out there designed specifically for older adults who want to stay informed and safe. For example:
- Age UK’s scam and fraud programme offers practical advice and emotional support.
- Action Fraud is also the UK’s national reporting centre for fraud and cybercrime.
And of course, we’re here for you too.
If you think something’s amiss, talk to us
If you think you’ve spotted a fraud, block your card and report it immediately to your Private Banker or our Client Services Centre. If something doesn’t feel right, trust your instincts.
If you are ever unsure, Nedbank Private Wealth clients can contact us at +44 (0)1624 645000 (Monday to Friday, 8am to 8pm UK time, except for UK public holidays) or +44 (0)20 8167 3223 outside these hours.
For more tips and advice, visit our Protect Yourself from Fraud page.
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