Bank closures leave older people vulnerable to online scams

Recent bank closures are fuelling worries that over-65s are becoming more vulnerable to fraud.

According to Virgin Media O2 research, eight in ten people are concerned about older friends and relatives being scammed online.

That’s partly because many over-65s have seen their local bank branch close in the last few years, and as a result, reluctantly had to rely on online services.

Scammers are clever, says fraud victim

One common tactic used by fraudsters is including celebrities’ faces in fake adverts.

A 74-year-old woman was recently tricked into buying Bitcoin after seeing a video apparently showing the TV presenter Holly Willoughby.

She’s now warning other people not to fall for the same trick.

“The scammers were clever and convincing, calling me every day and pressuring me to put in more money,” she said.

“In the end, I lost around £20,000 of my savings.”

She added that if something doesn’t feel right, you should “stop, speak to someone you trust and don’t be afraid to ask for help”.

For more information on this type of fraud, read our tips on how to stay safe from celebrity scams.

Are there alternatives to online banking services?

If your local bank branch has closed, you could turn to banking hubs for face-to-face help with managing your money.

Banking hubs are sites where several banks all operate from the same building.
 
You can go there to speak to someone from your bank and manage payments like direct debits, as well as withdraw and deposit cash.

Banking hubs work on a rota basis, which means staff from different banks operate there on different days.

You can get more information on how banking hubs work and where you can find them here.

How to stay safe online

With so many scams around, it’s really important that everyone recognises the red flags and warning signs.

Our handy guide on how to spot a scam is full of helpful tips and recommendations, along with our guide on outsmarting online scammers.

A good rule of thumb when it comes to staying safe is to trust your instincts.

So if something seems too good to be true, it probably is. 

Always step back and think before clicking on a link or sharing any information.

By staying aware and cautious, you can protect yourself from scams.

And if you’re worried about older friends and relatives, talk to them about scams, let them know what they can do to stay safe online, and be there to confidently give them a second opinion whenever they’re not sure.