Nationwide has announced a new initiative to provide support for older members who fall victim to a scam.

The building society has partnered with charity, Independent Age, to support older members who may feel vulnerable after falling victim to economic crime and who may now be left in financial hardship.

Analysis of Nationwide’s data shows that a quarter (25%) of all scam victims are aged 65 and over. The most common crime amongst this age group is impersonation scams, which account for 61% of all cases. This scam plays on the trusting nature of older people by convincing them they are speaking to their bank or building society, the police, HMRC or even a family member, in order to convince them to send them their money.

If someone aged 65 and over falls victim to an impersonation scam, Nationwide has estimated they are likely to lose more than twice (52%) the amount of money than a younger victim.

As part of the new partnership Independent Age, Nationwide members will be directed to the charity's free helpline. Callers can receive help with their finances and benefit claims as well as advice on a range of topics related to later life.

Director of economic crime at Nationwide, Jim Winters, said: “Everyday, we see the devastating effects that scams can bring to people’s lives. As well as the financial impact, which can see people losing life-changing amounts, there is the emotional toll which can leave people feeling vulnerable.

“Our partnership with Independent Age will allow our older members who fall prey to a scam to receive ongoing support with both their financial and wellbeing needs as well as continuing our efforts to educate people about scams so they can hopefully prevent themselves falling victim to the crime in the first place.”

Head of national services at Independent Age, Fran McSweeney, added: “Sadly scams are a growing problem, especially for people over 65 who can be regularly targeted. We hear from people who have lost thousands of pounds to scammers, they often feel ashamed and are left incredibly anxious about how they are going to make ends meet, especially as the cost of living continues to increase.

“It’s important to remember that support is out there. That’s why we’re pleased to partner with Nationwide. By working together to expand our service we will be able to provide emotional support to more older people when they are at their most vulnerable.”

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