The over-55 are four times more likely to fall victim to phone scams, according to a new study.
Fraudsters are increasingly targeting the vulnerable and elderly through complex phones to obtain their bank details known as "vishing" with a number of incidents reported in Scotland.
It works by fraudsters phoning up people at home pretending to be from their bank.
They then claim their account is at immediate risk and them the money needs to be withdrawn urgently.
Instead of hanging up when the victim put their handset down, they remain on the line. When person uses the phone to calls their bank, they inadvertently disclose their confidential details to the fraudster, thinking he or she is a member of staff.
In a survey, the Financial Ombudsman Service (FOS) found 80 per cent of those who admitted they had been tricked into handing over cash are over the age of 55. Around 20 per cent were over 75.
Of the 185 cases the FOS reviewed, it was found that a fifth of those people had lost between £20,000-50,000 and on some occasions the victim lost more than £100,000.
Citizens Advice Scotland's consumer spokesman Daniel Gray said: "Scams are all too common, and can affect all age groups. But it's always distressing to see older people being hit like this.
"All the consumer agencies across Scotland are working together with the police to beat scams like this one.
"The key is to be vigilant, and never give any of your financial details to anyone you're not completely sure of."
He added: "Scammers don't care about their victims' feelings, so members of the public shouldn't be worried about theirs. If you come across a scam, remember our advice: End the call, trash the email, rip up the letter and shut the door."
Caroline Abrahams, charity director at Age UK, added: "That anyone would target an older person to defraud them in the first place is abhorrent but we know that older people are deliberately targeted and can be especially at risk if they are living with dementia and/or cognitive decline.
"Some older people are more vulnerable to fraud because they live alone or in isolation, but fraud is something that can happen to any of us."
Vishing scams involve criminals calling up and pretending to be from a legitimate body such as their bank or the police.
The no hang up scam is a type of vishing,
The ombudsman, which resolves disputes between consumers and financial firms, becomes involved in cases where the victim feels their bank failed to help them.
In 37% of the cases looked at by the ombudsman, the complaint was upheld in the consumer's favour.
However, the FOS said that banks have a duty to act on their customer's instructions, meaning that consumers who transfer or withdraw money themselves during a scam they are unlikely to get it back.
Caroline Wayman, chief ombudsman, said: "One of the most consistently challenging areas of our work is dealing with people who have been affected by financial fraud."
Which? executive director Richard Lloyd added: "It is critical that banks act swiftly to help victims of scams and provide them with accurate information on their rights."
It has emerged almost £30million was lost in 2014 from 'vishing.'
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