What to do about financial scams? Annabel James & Daisy McAndrew are joined by Alex Somervell from Ask Silver, the free AI-powered scam checking tool (https://www.ask-silver.com/)
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This episode explores the different types of financial scams, practical ways to protect loved ones, the role of banks, and dealing with the guilt and shame associated that older relatives and friends might feel.
Statistics and Demographics of Scams
An older adult gets scammed every 40 seconds in the UK, with an average loss of £2,500 per incident. Older people are targeted because they are more affluent, despite millennials being more likely to be scammed.
Types of Scams and Common Scenarios
Investment and romance scams result in the highest average losses. Older adults, especially those who have been divorced, are often targeted in romance scams. Alex suggests using reverse image searches online to verify profiles.
Emotional Impact and Practical Advice
It’s important to be tactful when discussing scams with family members. Using call blockers, preference services, and tools like Ask Silver can help to avoid scams. In addition, good ‘data hygiene’ should be practised (for example, using different passwords for different services and accounts).
Supporting Scam Victims
Report the scam to the police, contact the bank, and report it to Action Fraud (https://www.actionfraud.police.uk/). Emotional support of the victim is important, as is helping protect them from future scams (this often happens – either a separate scam or one connected to the original, pretending to be their bank or a representative of the authorities – potentially gaining further money from the individual).
Introduction to Ask Silver
Ask Silver is a free scam checker that operates on WhatsApp and helps users verify the authenticity of suspicious messages. The tool extracts information from screenshots and analyses it like a fraud expert. If dealing with a scam, it will report the incident to all relevant crime and regulatory contacts.
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