Earlier this year, we announced a new three-year charity partnership with Age UK East London, focused on supporting older adults in the boroughs of Hackney, Newham, and Tower Hamlets.
As part of this initiative, our Senior Product Owner for Fraud, Rujina Eesa, recently presented at two Age UK digital inclusion workshops to speak about one of the most pressing issues facing older people today: financial fraud. Each session was well attended and highly interactive and gave participants the opportunity to learn how to spot scams, understand how fraud works, and find out what to do if they ever fall victim. We detail a summary of Rujina’s presentation, below.
Understanding financial fraud
Fraud is now the most common crime in England and Wales, with older people often targeted because they may be managing pensions, life savings, or other assets. There are two main categories of financial fraud:
- Unauthorised fraud – where criminals gain access to financial information and make transactions without a person’s knowledge. This could be through a stolen card, hacked bank account, or identity theft. In 2024 alone, £722 million was lost due to unauthorised fraud – an increase from the previous year. The good news is that banks in the UK are required to refund victims of unauthorised fraud, with over 98% cases reimbursed, according to recent figures (UK Finance).
- Authorised fraud (also known as scams) or Authorised Push Payment (APP) fraud – where people are tricked into transferring money to scammers posing as relatives, investors, or trusted organisations. Examples include fake investment opportunities, romance scams, or fraudsters pretending to be a relative in trouble. In 2024 alone, APP scams cost victims £450 million but new rules introduced last October now require payment service providers, such as banks, to reimburse victims up to £85,000. Before October 2024, this was only done voluntarily by some banks.
The role of Pay.UK
We operate the infrastructure behind most of the UK’s everyday payments and are committed to making them both reliable and secure. This includes the Bacs Payment System (used for Direct Debits and salaries), the Faster Payment System (used for online and mobile banking), and the Image Clearing System (which has shortened cheque clearing times from up to eight days down to just two days). We also provide Confirmation of Payee, a vital service that helps people check that they are paying the right person before a transfer of money goes through.
Unfortunately, many fraudsters exploit the speed and convenience of the Faster Payment System to steal funds before victims can recover them. That is why it is so important to pause and double-check any payment request, especially if it feels rushed or unexpected.
Common scams targeting older adults
Older adults are particularly vulnerable to pension scams, fake prize or lottery wins, phishing emails, and impersonation calls. Fraudsters are becoming increasingly sophisticated, often using pressure tactics to rush decisions. Make sure you take the time to slow down, question unusual requests, and use safeguards like our Confirmation of Payee service to make sure you are dealing with legitimate organisations and trusted people.
Staying safe online and offline
There are simple steps everyone can take to stay financially safe both on and offline, including:
- Using strong passwords (a mix of three random words, numbers, and symbols works best), and not reusing the same password for multiple accounts.
- Being cautious of links or downloads in unexpected emails or texts, even if they appear to come from trusted companies.
- Checking whether financial companies you are dealing with are regulated by the Financial Conduct Authority or the Prudential Regulation Authority – these are often shown at the bottom of company websites. If an organisation is not regulated, getting your money back in the event of fraud is far less likely.
Importantly, never share your personal or payment details with people you do not know or trust. And when filling out online forms, be careful before ticking boxes that give permission for your data to be shared.
What to do if you have been scammed
If you suspect fraud, the most important thing to do is to act quickly, by:
- Contacting your bank immediately as it may be able to stop or recover the payment.
- Reporting the crime to Action Fraud (the UK’s cybercrime reporting service) on 0300 123 2040.
- Keeping records of all communication with the scammer and avoiding further contact with them.
If you are eligible for reimbursement as a victim of an authorised scam, banks must provide a decision within five working days. In some instances, it may take longer but it should not exceed 35 working days to reach an outcome. There is a limit of £85,000 for each claim, and a £100 excess might apply. If your claim is rejected and you are unhappy with the outcome, you can refer your case to the Financial Ombudsman Service for further review.
Beyond financial loss, being scammed can also cause stress and emotional harm. If you or someone you know has been affected by fraud, you are not alone. Support is available through Age UK for practical support and guidance, Citizens Advice for understanding your legal rights and next steps, and Victim Support for emotional help (0808 168 9111).
A shared commitment to safety
Our mission is not only to keep the UK’s payment systems running smoothly, but to make them safe and accessible for everyone. We are proud to be working with Age UK East London to help protect some of the most vulnerable members of our community, and through this work, we hope to empower older adults with the knowledge and confidence to safeguard themselves against financial crime.
Rujina said: “Fraudsters are clever but with the right information, support, and tools, we can protect ourselves. Stay informed, stay cautious, and don’t be afraid to ask questions. If something feels too good to be true, it probably is.”
