Pensioners are more likely to be targeted by fraudsters and con artists, the FSA warns.
A study conducted by the regulator suggests 35% of people targeted by share fraudsters in the last year were over 65.
The warning comes as the FSA unveiled plans to help protect older people from financial scams, by teaming up with Age Concern and Help the Aged.
The FSA survey also found 23% of people aged over 65 felt they could fall victim to fraud in 2009, but nearly half do not know how to protect themselves.
Additionally, around 40% were unaware fraudsters could use personal details in passports, driving licenses and mortgage applications to steal their identity.
"Fraudsters, like all criminals tend to prey on the most vulnerable people and our research shows this is definitely the case with criminals who commit financial crimes," says Chris Pond, FSA director of financial capability.
"This is a clarion call to everyone that we cannot sit back and let honest people lose their hard earned money to unscrupulous individuals."
Pond believes the partnership with the charities will ensure older people are better equipped with the tools they need to protect themselves from fraud and other financial scams.
The FSA has added a new page to its consumer website designed to help anyone worried about becoming a victim of fraud. It comprises tips, fact sheets and answers to peoples' questions about financial scams.IFAonline
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