Men lost more than twice as much money to scammers than women over the last year according to new research from Phoenix Group.
Its research found one in five people fell victim to a scam over the past 12 months, with nearly a third (29 per cent) losing money as a result. Men lost an average of £2,780 each, while women lost £1,133.
Overall, the average amount of money UK consumers lost to scams was £1,988 per person, rising to £4,073 for those aged over 55.
This data shows that one in 10 (11 per cent) of these victims did not take any action once they realised that they had been targeted by fraudsters, and only a third reported the activity to their bank (34 per cent) or other authorities (33 per cent).
The information also shows less than half of those targeted (44 per cent) changed online passwords or other personal details — potentially leaving them vulnerable to future attack.
Tommy Burns, risk and financial crime manager at Phoenix Group says: “There’s been a flurry of scams in the last year, with fraudsters taking advantage of the pandemic to target an increasing number of victims.
“Many people are losing significant amounts of money to scammers, yet not all victims take action and report suspicious activity, leaving themselves and others susceptible to further fraudulent activity.”
Phoenix’s research also found more than a third (36 per cent) of the UK public received unsolicited financial advice in the last 12 months, 47 per cent of whom thought it was suspicious or not legitimate. While the majority (52 per cent) simply ignored it, a small proportion did take action:
- 19 per cent warned friends and family
- 15 per cent posted a warning on social media or online
- 11 per cent reported it to the company they were claiming to be from
- 5 per cent reported it to the police
Phoenix urged those targeted by fraudsters to report it to their provider and relevant authorities such as Action Fraud (or Police Scotland for Scottish residents).