The elderly are most susceptible to investment scams.

Scammers are calling elderly people to trick them into investing in real estate, cars, art, etc., promising high returns.

The UK Financial Conduct Authority (FCA)Authorities have warned of an increase in scam calls targeting people aged 55 and older. Currently, savings interest rates are low, meaning people don't earn high returns. Therefore, fraudsters are taking advantage of this to entice elderly people to buy real estate, expensive art collections, classic cars, etc., promising high returns.

Nick Hewer helps senior citizens in the UK avoid investment pitfalls.

To combat this, FCA launched the ScamSmart campaign with the support of Nick Hewer, host of the Countdown program on Channel 4. Nick Hewer said he had been the target of unwanted calls from scammers himself. Therefore, he has enough experience to share tricks and effective ways to protect yourself from this type of scam.

"You need to think wisely because everyone wants to invest to make a profit. You should ask yourself, if making money were that easy, why would they call you instead of seizing the opportunity yourself? If you still want to continue getting rich, you need to access the FCA website. There we publish a list of fraudulent companies for people to learn about," shared Nick Hewer.

Research from the campaign shows that over 60% of those who fall victim to these scams often do not report it to authorities, so the amount of money lost could be much higher than the reported figure. The most common scam methods used by perpetrators are phone calls, emails, or letters delivered directly to people's homes. FCA officials advise people to be cautious when receiving unexpected contact from strangers offering to sell products and services.

One of the most common tactics is real estate consulting. Some companies buy agricultural land or areas not permitted for residential development, then divide it into smaller plots and sell them to investors. Buyers are told that these agricultural plots have great potential for building houses and will increase in value. The sellers also entice buyers by urging them to buy quickly because the land is already in high demand, and they risk missing out on the current low price. Many people, feeling it's a bargain, invest their entire retirement savings in this gamble, unaware that they are holding a knife by the blade.

Making phone calls is a common method used by scammers to trick elderly people into investing in fraudulent projects.

Last month, the FCA won a case in the High Court concerning Asset Land, a company that had persuaded investors to buy numerous plots of land at inflated prices compared to their actual value. Last year, eight people were sentenced to prison in a land fraud case that cost 110 investors at least £4.3 million.

Up to 40% of those recently interviewed by FCA reported having contacted at least one company they had never heard of. Approximately 40% withdrew their savings to invest due to low interest rates. A higher percentage of people over 55 are engaging in risky transactions because they are no longer working or running businesses and prefer to earn a good return for their retirement rather than enjoying low savings interest rates.

People over 65 who have accumulated savings of around £10,000 are at a higher risk of being scammed. Many people buy products without checking whether the selling company is authorized to conduct transactions, or who will protect their rights in case of problems or fraud.

According to VNE