A fraud watchdog warns of a rise in a new form of telephone scam, which has already cost vulnerable people £7m.

Still old hat, but this still goes on, and sometimes we forget about them

Elderly people are being targeted with a new telephone scam that involves con men posing as bank staff or police, a fraud watchdog has warned. The fraud, which has cost victims £7m in a year, is difficult to detect when well-executed, Financial Fraud Action UK said. The criminals instruct the victim to disclose credit and debit card information before emptying the person’s bank accounts.Those who have fallen into the trap have had their life savings wiped out within 24-hours. Around one in four adults in the UK has received a cold call like this. Financial Fraud Action said 43pc of victims have been aged over 50. The new con is dubbed ‘vishing’. It involves a fraudster posing on the phone as someone from a bank or building society fraud investigation team, the police or another legitimate organisation such as a telephone or internet provider.....Read more here