NEARLY one in four Scots have said they have been more heavily targeted by scammers since the outbreak of Covid-19.

And investment scammers' most common target is older Scots, with new research revealing three in four victims are over-55s who are preparing for retirement.

New analysis commissioned by Santander reveals that an average of £8,000 has been lost on average by Scots to an investment scam. It found nearly one in five Scots knows someone or have themselves been affected by an investment scam.

Poets such as Pam Ayres have joined forces with the band to turn the the tables on fraudsters and highlight the dangers of investment scams ahead of National Poetry Day tommorow (Thursday).

Official figures show that fraud in Scotland was 56% higher last month than it was this time last year.

Figures from the Scottish Government show there were 1354 fraud crimes in August, a rise of 488 against the same month last year.

There has been a sharp rise in reports of scams related to coronavirus, as highlighted by the First Minister earlier this month.

Local authorities have reported fraudulent applications for UK government grants, and there have been reports of people going door-to-door pretending to be NHS workers collecting donations or offering to spray paths and driveways with anti-bacterial treatment for cash.

READ MORE: Know the signs to avoid financial scams

But Santander say in the wake of the outbreak of Covid-19 many people are feeling financially vulnerable and investment scams are on the rise.

The bank who reported a peak in the value of investment scams reports it received in May 2020, is now warning savers hit by the economic impact of the outbreak are more vulnerable to falling victim to fraudsters offering unrealistically high rates of return for small investments.

Dan Standish, fraud strategy head at Santander says; “Fraudsters are extremely clever, convincing and have taken the time to practice and hone their techniques. Their confidence, apparent expertise and friendly demeanour can all make a scam investment opportunity difficult to spot."

Investment Scammers most commonly target those preparing for retirement and want to see their savings and pensions go further, with the promise of high returns.

The Spanish banking group report that 75% of the value of investment fraud is made up of customers over 55.

The Herald: An Audience with Pam Ayres

Pam Ayres

Its research reveals that on average, Brits aged 55 and over report being contacted at least once a week by what they believe to be financial scammers, with the most common approach being by email (71%), followed by 40% who receive unsolicited phone calls.

Some £55.2 million was lost to investment scams in the UK in the first six months of 2020 – a 27% increase compared to the same period last year.

And according to Santander only a third of Scots said they know what an investment scam is.

With £8,000 lost on average by Scots to an investment scam, a fifth (18%) of Scottish adults know someone or have themselves been affected by an investment scam. Over half (54%) of Scottish adults say they would rely on researching an investment firm online to confirm their validity, which scam artists take advantage of by creating professional looking websites and even cloning the webpages of legitimate companies.

Now celebrity poet Pam Ayres and performance poet Suli Breaks have joined forces with Santander to highlight the dangers of investment scams.

The banking group challenged both poets to turn financial crimes into rhymes in their Scam Sonnets to help the public spot the signs of investment scams – which is when a fraudster offers a fake but convincing opportunity to make a profit by handing over a sum of money.

Pam Ayres’ Have You Got Some Money? and Suli Breaks’ Too Good To Be True incorporate words and phrases from real scam emails, online adverts and telephone calls received by investment scam victims.

Mr Standish added: "By using the language of the scammers, we aim to help the public spot the familiar words, phrases and signs of investment fraud early before it’s too late.”

Ms Ayres said: “Fraudsters target and dupe their victims with their clever use of language – professional, confident and reassuring communications that draw you in and make you feel in complete control.

"Sadly, the reality is far from it. That’s why, ahead of National Poetry Day, I’ve partnered with Santander to use the language of the scammers to help the public spot the signs of a scam and protect themselves from the devastating effect of investment fraud.”

Fraudsters are also increasingly relying on fake celebrity and influencer endorsements to convince people to invest, with over one in three Scots admitting they would feel more confident about an investment opportunity if they believed it was endorsed by a famous face.


Excerpt from Have you got some money?, by Pam Ayres  
Have you got some money?  Are you getting on, like me?  
Are you heading for retirement? Being wild and free?  
Are you looking for investments? Somewhere canny for your cash?  
Be careful.  There are fraudsters who will steal it in a flash.  
They are thieving people’s savings, taking everything they’ve got.  
Especially the older folk who’ve got a pension pot,  
They do not stalk the foolish, no, that isn’t what they do,  
They target able, well-researched investors. Just like you. 


Excerpt from Too Good To Be True  
You see investment scams, ain’t as simple,  
as something, you just dismiss in a pop-up window.   
It’s a voice that sounds professional, a tone that’s mildly personal  
A well-presented, well-edited article   
A picture of someone recognisable  
Combined with words that pull the trigger on the response that’s emotional   
That's how they find their target!