Elderly people are being warned to be on guard against fraudsters who are conning pensioners out of thousands of euro, in a sophisticated share-dealing scam.

The Central Bank has issued warnings about a number of fake investment companies that get in touch with investors by finding their contact details on share registers.

They then put pressure on them to buy shares that are effectively worthless - or make fake offers to buy their shares at a better price.

On today's National Lunchtime News, Tom Swift spoke to the Personal Finance Editor of the Irish Independent Charlie Weston about how the scam works: