Nearly 1 in 5 retirees (17.5%) have been the victim of a financial scam, according to new research from the Financial Services Compensation Scheme (FSCS). 

The Financial Ombudsman Service has reported a “dramatic” 66% rise in fraud and scam complaints in the first quarter of its 2021/22 year.

Fraud losses leapt by 30% in the first half of the year as criminals turned to investment frauds increasingly pushed via social media.