Gen Z more likely to fall for impersonation scams
Almost half of 18 to 24 year olds have been targeted in an impersonation scam, of which more than half shared personal information or made a payment as a result of the request.
New research from industry trade body UK Finance, as part of its Take Five to Stop Fraud campaign, found that older people were less likely to be targeted by fraudsters in this manner. Only a third of those aged over 55 were contacted.
UK Finance figures show that over £1.2bn was stolen through fraud in 2022, and there were 45,367 cases of impersonation scams costing £177.6m.
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“Criminals who commit fraud are willing to target us all and they don’t need much information to create an identity online,” said Ben Donaldson, managing director of economic crime at UK Finance.
“They can then use that identity to steal our money and fund other crimes, which causes huge damage to both individuals and society. I’m very concerned about the number of young adults who are giving their personal information to criminals, who go on to cause so much harm.
Read more: £178m lost to impersonation scams last year
Donaldson said individuals can follow the Take Five to Stop Fraud advice to keep their details safe.
The Take Five campaign has teamed up with magician Ben Hanlin to show how easy it could be for a criminal to trick people, in addition to highlighting the importance of challenging all unexpected requests for personal or financial information to make payments.
“Criminals can be incredibly persuasive with the tricks they use, making it hard to see through their illusions,” Hanlin said. “Always remember to challenge requests to share personal or financial information, as sometimes sharing the simplest of information can lead to losing life-changing sums of money.”
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Myron Jobson, senior personal finance analyst at interactive investor echoes the sentiment that people of all ages are at risk. “The reality is people across the age spectrum are guilty of overestimating their ability to spot a financial scam when even those who consider themselves financially savvy aren’t immune to increasingly sophisticated scams,” he said.
“While scammers might change their approach depending on how old their victim is, they don’t discriminate by age – so we all need to be on our guard. To protect yourself, it’s essential to remain vigilant, verify the identity of individuals or organisations contacting you, and never rush into financial transactions or sharing personal information without thorough verification.”