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One in ten falls prey to financial scammers

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More than 5 million Brits (10%) have fallen victim to a financial scam with dodgy emails and phone calls the most common ways scammers target their victims.

New research by Lloyds Bank and YouGov found that a quarter (25%) of the those surveyed also reported knowing someone else who has been duped by a fraudster.

However, most (four in five) are confident they could spot a financial scam. Three quarters (77%) believe they are able to keep up with the potential risks around financial scams. However, only a third of Brits report that they have been approached by fraudsters and put a stop to it.

Those over 65 claimed to be the most confident about spotting a financial scam.

While emails and phone calls remain the most common ways for fraudsters to target victims, but social media, company websites and even text messages were also found to be fertile ground for scammers.

Paul Davis, fraud and financial crime director at Lloyds Bank said: “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. Fraudsters have adapted to changing technology by using ever more sophisticated tactics, making them more difficult to spot.

“We’re encouraging people to talk to friends and family about fraud, so that more people are aware of how to identify the tell-tale the signs of a scam. If you suspect you’ve been a target, it’s important to contact your bank immediately.”

How to spot a financial scam – Paul Davis

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