More than half of Brits (51%) said they have been victims of a financial scam, with wealthier people most likely to have been targeted, according to research from Saltus.
The latest Saltus Wealth Index Report surveyed more than 2,000 people in the UK and discovered that 51% had been victim to a financial crime, rising to 67% among high-net-worth individuals (HNWIs) – up from 53% just nine months ago.
Of those who said they have fallen victim to a financial scam, 48% lost their money.
One-in-five (21%) admitted to losing more than £10,000 ($12,343, €11,370) and 6% lost more than £25,000 but, on average, victims lost £9,094 – the equivalent of £118.3bn lost to scams across the UK.
The data also reveal that the wealthier somebody was, the more likely they are to be targeted by scammers.
Among those with investable assets of less than £250,000, over a third of them (36%) say they had been a victim, and only half (52%) got their money back.
The likelihood of being targeted – and losing the money – gets higher the wealthier an individual is, with 73% for those with assets of over £1m having been scammed, and 55% of those did not get their money back.
Furthermore, wealthier people who fall victim to scams also lost the most, with victims with a net worth of over £1m losing almost £13,000 on average – almost four times as much as people with a net worth of less than £50,000.
Seek advice
Mike Stimpson, partner at Saltus, said: “Given half of us have been victims of scams, with many of us losing money, it can be very difficult to tell when you are being targeted, so do remain vigilant at all times, and if in doubt, seek advice.
“The golden rule is – if it seems too good to be true, it probably is. Always check the authenticity of anyone offering an investment opportunity, and never contact a firm from the details it provides you – do your own independent research.
“We all know that professional advice can help you achieve your financial goals, but one of the lesser known – but hugely important – benefits of having a financial adviser is that they can also help protect you from falling victim to financial crime.
“Financial advisers know the markets, they know when something is not credible and they have your best interests at heart and, ultimately, this means they are your best line of defence when it comes to financial scams.”
