Research by Lloyds Bank reveals there has been just under a four-fold increase in the number of 18-34-year olds caught out by impersonation scams in the past 12 months.

Impersonation scams are when someone pretending to be from the police or a bank asks the victim to quickly transfer money into a ‘safe’ account. They often say the police suspect the person’s account is in danger or that there is a problem with their bank.

The average millennial victim loses £2,630 to these scams, while over 55s lose £10,716 on average, more than four times as much.

Those aged 45-54 are, on average, tricked out of £3,573.

Separate research from Lloyds Bank and YouGov found that one in four UK adults knows someone who has been duped by a fraudster, and one in 10 has fallen victim to a financial scam at some point in their lives.

A third of people said they have been targeted by fraudsters but were able to put a stop to it.

Paul Davis, retail fraud director at Lloyds Bank said: “Being a victim of fraud can have devastating effects not just on people’s finance but also their lives.

“Every day fraudsters are tricking people into handing over their personal information like a PIN or password or transferring cash.”

How to avoid being scammed

Question any requests to share details or move money – Your bank will never ask you to share your account details like user ID, password and memorable information. You should also be alert if your bank suddenly tells you to move your money or asks you to transfer funds to a new sort code and account number.

Check for spelling mistakes – Get into the habit of checking for minor spelling mistakes in the addresses of any emails you receive.

Double check the sender is real – If you receive an email from anyone asking you to make an urgent payment, always double check the request is real by speaking to them in person, or by calling them on the number you have saved.

Beware of unexpected emails – Be cautious about opening any emails that you weren’t expecting (even if you think you recognise the sender), and don’t click on any links or attachments unless you are sure they are genuine.

Watch out for spoof text messages which may look similar to genuine messages you receive from your bank and always call the bank on the number on the back of your card to check if you’re unsure.

Use anti-virus software and stay up to date – Always use anti-virus software to protect your devices and ensure you have downloaded the latest updates for your operating system.

Make sure your internet banking site looks normal – Do not log on or key in codes from your card and reader if any of the website pages look strange or different as this may indicate a virus infection.