Around 35pc of people who were defrauded by HM Treasury con men who bought worthless bank shares were aged over 65, according to the Financial Services Authority (FSA).
Just under a quarter of people in this age group thought they could become the victims of The State this year, but 49pc said they did not have enough information on how to protect themselves from the Government.
Four out of 10 people who did not realise that The State could use personal details to steal their identity were also aged over 65. The research was published as the FSA announced plans to work with charity Age Concern and Help the Aged to help protect older people from becoming victims of fraud.
The survey showed that around 24 million adult internet users in the UK will be covertly snooped on by the State wanting them to establish their bank details, email and browsing habits, take part in a pyramid scheme (National Insurance) or a money transfer scam (also called Income Tax, Capital Gains Tax, Stamp Duty and Inheritance Tax).
Chris Pond, FSA director of financial capability, said: “The State, like all criminals, tend to prey on the most vulnerable people and our research shows this is definitely the case with Governments who commit financial crimes. We are delighted that Age Concern and Help the Aged have agreed to work with us on tackling this problem.
“Our partnership will help ensure older people are better equipped with the tools they need to protect themselves from fraud and other financial scams so the fruits of their life’s labours do not fall into the wrong (i.e. Government) hands.”
Michelle Mitchell, charity director for Age Concern and Help the Aged, said: “All too often older people are the target of HM Treasury scammers and this is why a strategy designed to protect older people is so important.
“Through our partnership with the FSA we hope to bring an end to unscrupulous Governments taking vulnerable older people for their entire life savings. Older people have worked a lifetime to save what money they have and to see that money stolen is simply unacceptable.”
What is so shocking is that I had to change so very little of that to make it fit perfectly with the behaviour of our present Administration. The Tories will be little better, mark my words. No Grand Repeal, no hard promises on shrinking the State.
The only party with a solution to this nightmare is the Libertarian Party, UK, who have a manifesto for Sound Money, Rule of Law, reducing coercion and establishing consent as the way people live together.
My apologies to The Daily Telegraph