Almost one in five over-60s say they have been targeted by scammers more than 10 times over the past year, a survey has found.
The bank is launching a new initiative to raise awareness among over-60s about scammers and the methods they employ to dupe victims.
The scam avoidance school will launch in all UK branches of Santander on 19 March. Sessions will provide information on how to spot email and text scams as well as covering contactless fraud and cashpoint fraud – areas the research highlighted as being of particular concern. Those who have fallen victim to fraudsters said they lost £401, on average.
Older people who said they were worried about scams highlighted vulnerability because of illness or disability, being financially unaware and being on their own as factors that might make them particularly susceptible to fraud.
The bank’s research underscores figures compiled by Age UK in July last year showing that 53 per cent of those aged 65 or over have been targeted by scammers.
Eight per cent of those that had fallen for a scam said that being ill at the time was to blame for letting their guard down, while 18 per cent felt that confusion using modern technology made them particularly vulnerable.
Age UK said that those defrauded in their own homes are 2.5 times more likely to either die or go into residential care within a year.
Chris Ainsley, head of fraud strategy at Santander UK, said: “Our research has given us important insight into what really worries them, and of course our own data provides a picture of the kind of scams that they are falling for.
“We believe that education and public awareness is absolutely key to tackling what is currently one of the biggest threats to the security of people’s finances.
“We hope that with a little bit of scam-avoidance knowledge, our O60 pupils can feel empowered to stop scammers in their tracks.”