The Chartered Trading Standards Institute made the call as it published a new Financial Scamming Guide at its annual conference this week.
The body said its research with Bournemouth University’s National Centre for Post-Qualifying Social Work revealed that more protection was needed for vulnerable people who could be targeted by fraudsters.
Financial organisations have been urged to recognise their duty of care to dementia sufferers who could make an ‘unwise decision’ as a result of their cognitive state. The term is often cited in financial scamming cases, the CTSI said.
They have also insisted a 24-hour delay should be introduced for vulnerable people, in order to monitor large transactions leaving their bank accounts. If this were introduced, a carer or family member would be alerted at the start of the 24-hour-period, should something suspicious be noticed by the banks.
The CTSI also suggested that personal data should not be shared unless the person in question agrees.
CTSI chief executive Leon Livermore said: “We believe that banks and charitable organisations can do more without the need for legislation and that these relatively straightforward asks would lead to a dramatic reduction in detriment.
“Adult social care faces a massive funding shortfall and people who are scammed are much more likely to need support. These measures will protect our ageing population and reduce the burden on the state.”
Professor Keith Brown from Bournemouth University said: “We believe our three main asks are both achievable and would make the greatest impact in reducing the risk of being scammed for the most at risk citizens in our society.
“In particular, those at risk are lonely older people, and specifically those with a cognitive impairment dementia who may be unable to safeguard themselves as a result of their health or social care needs.”