Ever noticed how it’s often the younger folks getting caught in the scam net these days? Yup, it’s true! According to recent research by life insurance and retirement specialists LV=, about 3.8 million victims lost money to purchase scams last year alone. Here’s the scoop:
LV= conducted a survey as part of their quarterly Wealth and Wellbeing Report, revealing some alarming trends. They found that 42% of UK adults had received phishing scams, 36% encountered trusted organization scams, and 24% faced refund scams in the last 12 months.
Types of Scams:
- Phishing Scams: Fake emails, calls, or messages asking for personal or financial info.
- Trusted Organization Scams: Impersonation of trusted entities like HMRC or service providers claiming issues or fines.
- Refund Scams: Fake claims of refunds owed, impersonating legitimate organizations.
- Friend or Family Scams: Messages from supposed friends or family members urgently needing money.
- Get Rich Quick Scams: Promises of quick money through investments.
- Purchase Scams: Buying fake goods or services via online ads for tickets, holidays, vehicles, etc.
- Investment Scams: Fake investment opportunities or pyramid schemes.
- Befriending Scams: Fake social media accounts building friendships to solicit money.
Who’s Getting Scammed?
Surprisingly, a higher proportion of young adults (18-34) fall victim to these scams compared to older adults. For instance, 42% of those aged 18-34 experienced trusted organization scams, compared to 30% of those aged 65+.
Why Are Young Adults More Vulnerable?
One theory is the amount of time they spend online. According to Ofcom, 18-24-year-olds spend an average of 4 hours and 35 minutes online daily, making them prime targets for scammers.
LV= Chief Executive, David Hynam, Says:
“Despite a surge of financial scams over the last three years, consumers are still less knowledgeable about reporting them. Our data found that those regularly seeing a financial adviser are more likely to take appropriate action and know about the roles of the FCA, FSCS, and Financial Ombudsman Service.”
How to Protect Yourself:
- Be wary of unexpected contact asking for personal or financial information.
- Avoid offers that seem too good to be true.
- Don’t feel pressured to make quick decisions.
- Verify the legitimacy of the source before sharing any information.
If this caught your eye and you want to dive deeper, check out the original article here