Elderly woman loses $200k in phone scam

Police are warning elderly Gold Coast residents to be wary of a phone scam after an 89-year-old woman lost more than $200,000.

The Tallebudgera woman was one of several elderly people to fall victim to the scam, in which a man cold calls and claims to be a police officer or bank official and that the person's credit card or bank account has been compromised.

The caller then convinces the victim that police and the bank are working together to stop the thieves.

After several follow-up calls, the victim is then told to transfer funds into a safe account located in the United Kingdom, where police believe the scammers are based.

Police know of seven victims of the scam with the first reported incident occurring on October 17 at Bundall with an 84-year-old woman losing $84,000.

"The offenders are targeting some of the most vulnerable people in our community with the ages of the elderly victims in their 70s and 80s," Detective Senior Sergeant Simon Garrett said.