Pensioners lose £1.3 million a day to scammers with more than 250,000 cases recorded since 2020, figures reveal

Pensioners are losing an average of more than £1.3 million a day to fraudsters, figures reveal.

In total, £2 billion has been taken by scammers from victims over 65 since 2020 – with more than 250,000 cases logged across the country.

The figures, obtained by the Liberal Democrats, also reveal a postcode lottery – with some areas hit harder than others. 

Last year, London's Metropolitan Police reported the highest number of cases, more than 6,000, followed by Sussex with 2,500.

In total, there were 61,486 reports last year – with losses reaching £511 million – equivalent to more than £1.4 million daily in 2023.

The data was derived from analysis of crime reports by Action Fraud – the national fraud and cyber crime reporting centre. 

It is based on victim reporting and reports have not been verified, with under-reporting likely to affect the extent and loss.

Lib Dem home affairs spokesman Alistair Carmichael told the Mail the figures were 'absolutely heartbreaking' and urged ministers to create an online crime agency to coordinate work to stop fraud.

He said: 'It's disgraceful that fraudsters have been allowed to target vulnerable pensioners while Conservative ministers watch idly by.

'As our nation's elderly lose more than a million pounds to cruel scammers every single day, the price of Conservative inaction is unacceptable.

'It's time for the Government to finally bring forward a serious plan to tackle fraud - starting with an Online Crime Agency to get a grip on the problem of online fraud, once and for all.'

The Daily Mail's Stop the Scammers campaign has long called for banks, and more recently tech companies, to do more to protect people from the surge in fraudsters.

A spokesman for the City of London Police, which runs Action Fraud, said: 'Criminals have no boundaries when it comes to targeting people with fraud, and unfortunately often victims are the older and more vulnerable victims of society.

'Action Fraud receives around 35,000 reports of fraud each month from members of the public, but we know that fraud is hugely under-reported due to people feeling embarrassed to report it or simply not knowing that they have been a victim of fraud.

'Fraud can come in so many different forms, but it is important to stay alert to the risks of fraud to help keep yourself safe.

'You can protect yourself by taking a number of measures, including: keeping your online accounts secure with different passwords and two factor authentication to stop criminals from being able to gain access to your accounts; not being pressured into making financial purchases or commitments from someone who has contacted you out of the blue; and keeping your PIN and bank cards safe and don't allow anyone else to have access to them.'