People living with dementia are “sitting ducks for financial abuse” because of failures by the government, financial services and retailers, according to a report.
The report, Retail Therapy by the International Longevity Centre and independent abrdn Financial Fairness Trust, highlights multiple examples of those living with dementia setting up subscriptions or direct debits after being subjected to repeated doorstep cold calls, scam letters and incessant phone calls in which they were asked to share personal financial information.
At least 900,000 people in the UK live with dementia, a number that is estimated to rise to 1.6 million by 2040.
“Scams and fraud ruins hundreds of thousands of people’s lives every year and we must do more to address it,” said David Sinclair, the chief executive of the International Longevity Centre (ILCUK).
“People who find themselves victim to online and offline scams often find themselves in a vicious circle: they are added to ‘sucker lists’ by criminal gangs and repeatedly targeted,” he added.
“The subscriptions and direct debits they’re conned into setting up can be for large sums or regular small amounts, too small to draw the attention of banking staff or of carers checking statements.”
Fraud is the most common crime in the UK and can lead to victims suffering unaffordable personal losses. More than half of fraud is cyber-related and, according to further research by Age UK, people with dementia are particularly…
