In a nationwide study among retired people by MetLife, nine per cent said they have been victims of financial scams or targeted by financial scammers since they stopped work.
In the South West the figure was 14%, the highest of all regions, with Wales second at 13%. The eastern region was the lowest at 3%.
Recent reported frauds involving retired people have ranged from attempting to gain access to bank or savings accounts through so-called vishing scams, where people are tricked into handing over bank details and cards, to selling bogus investment and pension schemes.

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MetLife believes the risk of fraud underlines a need for independent financial advice for people retiring this year as the pension reforms kick in.
Dominic Grinstead, managing director, MetLife UK, said: "Pension flexibility offers the UK the chance to create a world-leading retirement saving system and to ensure that people have more comfortable retirements.
"Unfortunately it is also providing opportunities for fraudsters who already see retired people as potential targets as shown by the fact that so many have been subjected to scams.
"Independent advice on retirement options can help people become better informed and more able to see through fraudsters."
Standard Life has recently warned criminals are getting ready to pounce on unsuspecting savers when the new retirement income rules take effect.
Pension scammers are likely to be "evolving their tactics" to approach individuals who choose to take some or all of their pension fund as cash from April, according to Jamie Jenkins, head of pensions strategy, at Standard Life.
The company believes those at retirement will be "far more exposed to losing their life savings to such scams, as the ability of pension providers to prevent transfers of funds into fraudulent, too-good-to-be true investments will diminish once the new freedoms come into force".
Research was conducted online between 2 and 15 January among a "nationally representative sample" of 1,006 retired people by independent market research firm Consumer Intelligence.