Chin Wags with The Old Codgers' Club - Fraud and Scams - Part 1 - Why do people become victims of fraud?
Julia Chin leads Mark R Outhwaite, Des Hellicar-Bowman and Nigel Morris-Cotterill in a discussion on one of the hottest topics in financial crime: FRAUD.
The Old Codgers agree on some things and disagree on others, not the least of which is whether some victims are victims because they are stupid, a very unfashionable stance to take. Guess which of the Old Codgers takes it! Des explains that fraudsters work on the mind of the victims; Mark talks about the differences being created by some banks to segregate “fraud” from “scam” while Nigel argues that to claim a difference is an artificial construct because the criminal offence is “fraud” and “scam” is in effect a public relations term. Julia gives some practical examples of frauds against the elderly.