More than five million Brits have been victims of financial fraud, with 25% of the population knowing someone who has been duped, research from Lloyds Bank and YouGov has found.
Despite these alarming statistics, 83% of the 2,018 adults surveyed were confident they would be able to spot a scam.
A third reported that they had been targeted by fraudsters but were able to avoid any losses.
While 77% believe they are able to keep up with the potential risks around financial scams.
Social danger
Those over the age of 65 were the most confident about spotting a financial scam (87%), while 35 to 44-year-olds felt the least confident (76%).
The most common ways for fraudsters to target their potential victims is still by email (36%) and phone (35%).
Social media, company websites and text messages were also prime hunting grounds, with one in 20 reported being targeted in each of these ways.
“We are a vigilant nation, yet it is clear from our research that many of us do still get caught out when it comes to scams,” said Paul Davis, fraud and financial crime director at Lloyds Bank.
“Fraudsters have adapted to changing technology by using ever more sophisticated tactics, making them more difficult to spot.
“Were encouraging people to talk to friends and family about fraud, so that more people are aware of how to identify the tell-tale signs of a scam. If you suspect you’ve been a target, it is important to contact your bank immediately.”
How to spot a scam
Check for spelling mistakes – Get into the habit of checking for minor spelling mistakes in the addresses of the emails you receive. For example: “Lloids Bank” instead of “Lloyds Bank”.
Double check the sender is real – If you receive an email asking you to make an urgent payment, always double check the request is real by speaking to them in person, or by calling them on the number you have saved.
Beware of unexpected emails – Be cautious about opening any emails that you weren’t expecting (even if you think you recognise the sender), and don’t click on any links or attachments unless you are sure they are genuine. Also, watch out for spoof text messages which may look similar to genuine messages you receive from your bank.
Use anti-virus software and stay up to date – Always use anti-virus software to protect your devices and ensure you have downloaded the latest updates for your operating system.
Question any requests to share details or move money – Your bank will never ask you to share your account details like user ID, password and memorable information. You should also be alert if your bank suddenly tells you to move your money or asks you to transfer funds to a new sort code and account number. Contact them immediately if you receive any requests of this nature.
Make sure your internet banking site looks normal – Do not log on or key in codes from your card and reader if any of the website pages look strange or different as this may indicate a virus infection.
