The number of people aged 18-34 being defrauded by impersonation scams in the UK increased fourfold between July 2018 and July 2019, Lloyds Bank has found.
Despite this, those aged 55+ are the ones losing the most money to this type of scam, with losses averaging at £10,716 ($12,914, €11,769), compared to £3,573 for those aged 45-54 and young people losing £2,630.
Something which is undoubtedly linked to their respective spending power.
Impersonation scams happen when fraudsters pretend to be representatives of a financial services firm or a governmental body, such as the police, and ask their victims to transfer money into ‘safe’ accounts.
The most common excuse given to victims is that their money is in danger or that there is a problem with their bank.
Awareness above all
Paul Davis, retail fraud director at Lloyds Bank, said: “Helping to keep our customers’ money safe is our number one priority – being a victim of fraud can have devastating effects not just on people’s finances but also their lives.
“While we are working 24/7 behind the scenes to protect customers and millions of pounds have been frozen, every day fraudsters are trying to trick people into handing over their personal information like a Pin or password or transferring cash.”
Additionally, a recent study by Lloyds Bank and market research company YouGov found that one in four adults in the UK knew someone who had fallen victim to a fraudster, and one in 10 had fallen victim to a financial scam at some point in their lives.
A third (33%), however, said that they had been targeted by fraudsters but managed to stop them.
