Why we need to educate older generations about digital financial scams

Barely a week goes by without an article in the news about the dangers our children face when spending time online. There’s no doubt that there is still much to be learnt here. It is a minefield for parents and schools alike. But what of the older generation and their vulnerability online?

Many of you will have parents or even grandparents who are having to navigate the online world. It has undoubtedly proven a lifeline to many. It allows them to stay connected with family and friends or help them get groceries delivered when they can no longer get around so easily. But it seems that we are taking it for granted that they will be able to navigate the online world safely. This is not always the case.

With more and more banks closing their high street stores, one of the biggest problems is that many have HAD to move their banking online. They will also have email accounts (for online orders) and may even be on social media – especially Facebook and WhatsApp (to stay in touch with family and friends). But all this can make them easy targets for scammers.

Misplaced trust?

The older generation come from a time when they put a lot of trust in respectable organisations – banks, HMRC, the Royal Mail.  They will see that name in an email or message and immediately feel that it is safe, that they are in safe hands. They won’t double check the weblink in an email or question why someone from their bank is contacting them requesting details. They trust the name and they do as they are asked. It can leave them not just out of pocket but shaken and feeling their vulnerability.

They will also often simply trust people. A kind person drops them an email to see how they are, to offer support. They may not recognise this as one of the insidious ways criminals target people. Maybe these older people are a bit isolated now they can’t get out the house so much, maybe their partner has recently died, maybe they’re lonely. If someone shows them kindness online, why wouldn’t they perhaps open up, perhaps share some details about their situation and unwittingly give a scammer just the right amount of information to make their approach more believable. And then the requests for money start, with online banking facilitating easy access to accounts, to funds, to personal details.

Authorised Push Payment scams are rife

Collectively these kinds of online financial scams are called Authorised Push Payment (APP) scams and are the most common financial investment scams currently in the UK. They involve someone being contacted by a seemingly trusted person or organisation and being asked to send money or to share personal details.

Scammers are getting more sophisticated for sure and their methods are giving even the  most savvy of people pause for thought. But even the scams that may seem obvious to you or me, can be missed by someone trusting, someone lonely or worried about their finances, someone who just isn’t used to the online world. And the scammers seem happy to bide their time. They can spend days and weeks, chatting to someone before they ask for money. They can build up a rapport and it can be hard for an elderly relative to think that the person who has seemed so helpful, so friendly is actually a criminal.

So yes, we need to educate our children about online safety. But it may just be worth checking in with your parents and grandparents too. We need to educate them about unsolicited emails, clicking on links and not sharing bank details with anyone. It may seem obvious to us that you don’t do these things, but you can’t take it for granted that those from older generations will have the same awareness.

If you think someone might have been the victim of a scam contact their bank immediately. As of last year, banks, building societies etc are now obliged to refund APP scam victims, so all may not be lost. It is also helpful to speak to Action Fraud.