Which? responds to the news that nearly one-fifth of retirees have fallen victim to a financial scam

Gareth Shaw, Which? Head of Money, said:

“The surge in investment scams targeting people looking for better returns in an era of record-low savings rates is shocking – but the onus should not be on retirees to protect themselves when banks and tech giants that facilitate fraud could be doing much more.

“The government must get to grips with this problem and bring in new laws to make online platforms legally responsible for the avalanche of scam adverts targeting savers, while mandatory and robust rules must be put in place to ensure scam victims are treated fairly and swiftly reimbursed by their bank if they lose money to fraudsters.”