This doesn’t pass the reasonableness test

The Telegraph reports

Mr Leppard said half of all fraud in Britain, which costs the country £70  billion a year, is conducted online.
Among the victims are wealthy retired people who are conned in fraudulent share schemes at a cost of £3.5 billion a year. The average cost to the victim is £25,000 and half of those who lose out in the schemes are over 65. “That is a significant loss to the most vulnerable people in our society,” Mr Leppard said, adding those responsible should receive tougher sentences.

£3.5 billion at £25k per fraud, means 140,000 elderly people were conned. Let’s assume “elderly” means anyone over the age of 70. Per Wikipedia that would imply 11.8% of the population, which based on 60 million total people in UK then implies about 2% of all “elderly” people lost £25k (on average) each.

That’s a big number. Just seems as if this were real I would either know someone who was defrauded, or know someone who knows someone and I would have heard of it. I can’t even remember reading any articles in the Daily Mail, Scotsman, or Times about any single fraud.

The statistics just don’t add up in my mind and I would like to see the raw data.

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