Yorkshire Building Society has issued a stark warning that one in four UK customers have been targeted by a financial scam in the last three years. The average loss among victims stands at £1,672.60, with younger adults particularly vulnerable.
Scams affecting all age groups
The building society's research reveals that over a third (35%) of 18-29 year olds have been targeted, underscoring the widespread nature of fraud across demographics. Among those targeted, more than half (56%) experienced impersonation scams, where criminals pose as trusted entities such as banks, HMRC, energy suppliers, delivery firms, or even family members to solicit money, personal data, or account access.
Investment fraud was encountered by 36% of victims, involving fake offers for bonds or cryptocurrencies. Online marketplace or shopping scams affected 34%, where purchased goods either never arrived or were misrepresented.
Common methods of contact
Phone calls (28%) and emails (26%) were the most frequent channels used by scammers. Email was particularly prevalent among older individuals, with 44% reporting such contact. Other methods included text messages (15%), social media messages (10%), social media posts (7%), and letters (3%).
Expert advice on protection
Hannah Bingle, Financial Crime Specialist at Yorkshire Building Society, commented: "These scams are often designed to create a sense of urgency, pushing people to act quickly without verifying the source, but by stopping and taking a moment to ask yourself if a message, call or email is genuine, you could protect yourself."
She advised: "If you receive a call out of the blue, be wary. Companies won't request financial or password details, so never share them. If you suspect fraud or feel pressured, hang up and contact the company directly using their official phone number."
Bingle added: "If you receive a message, text or email that appears to be from a trusted source, take the time to ask – is it genuine? Be particularly wary of messages that request personal details, include a link to a form, or pose as someone you trust asking for money."
She concluded: "Protect yourself by never sharing personal or financial information by text, email or on social media. Don't click on links in unexpected messages, and if someone you know contacts you from a new number or email address, confirm their identity using another method. If someone you're expecting to pay sends new payment details, always call them on a trusted number to check before sending any money."
