Financial expert warns pension holders over 70 of abuse-of-position scams

During a segment on one outlet Morning Live, financial specialist Iona Bain highlighted a surge in pension scams targeting people born in or before 1955. The scheme, known as fraud by abuse of position, involves trusted individuals such as relatives, friends, carers or even solicitors exploiting their authority to steal money or assets. Report Fraud figures indicate that those aged 70 and over accounted for over £51 million in reported losses, while the 80-89 cohort suffered the greatest financial impact.

Bain noted nearly 4,000 reports of this fraud type in the most recent financial year, including about 500 involving social-care workers. She urged older adults and their families to watch for red flags—unexplained large transactions, secrecy, pressure, or rushed decisions—while reassuring that the majority of responsible parties act honestly.