Star comment: Too many elderly people find their life savings wiped out by scammers

Some banks have a policy of refunding most losses, others will resist, leading to victims facing a difficult scrap through the Financial Ombudsman or simply writing it off. And, with that process taking months, banks know few will make the effort.

Now 10 organisations, including Which?, MoneySavingExpert, the Association of British Insurers and UK Finance, have joined forces to write a letter to Prime Minister Liz Truss, pressing for quick and effective action.

They point out there are very simple steps that can be taken now to protect people. By clamping down on fraudulent adverts and putting more pressure on banks to repay money lost, the situation can be improved. Currently £5 million is being lost to scams every day. It is a scandal that is often hidden and those affected are often the most vulnerable with the most to lose.

Too many elderly people find their life savings wiped out as scammers target people who are not computer literate or particularly savvy about con artists.

It’s not simply the loss of revenue that affects victims. They also find themselves suffering emotionally as they feel the hardship and humiliation that comes with being scammed.

Big business and the Government can undoubtedly do more to tackle these unpleasant crimes by providing better protection, better recourse to justice in the event of a scam and harsher penalties for perpetrators who must face punitive action and be discouraged from their nefarious activities.

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Many people across the region have been affected by dementia. Most families will either have been directly hit or will know a friend, relative or neighbour who has suffered.

As people’s life expectancy increases, so the prospect of them falling prey to a degenerative illness that particularly affects the elderly increases. It puts an enormous strain on families and costs the NHS and the social care system many millions.

Progress is being made in research – only this week a drug has been identified that is said to slow down the process of dementia. But momentum is everything and now Dame Barbara Windsor’s widower has called on Liz Truss not to scrap the dementia taskforce announced by her predecessor, Boris Johnson, in memory of the star. He says £95 million of funding is at risk.

Few would argue it is money very well spent.