A UK government agency has warned that the cost of living crisis has increased the possibility of people becoming fraud victims.
UK Finance said more than half of the population (56%) are looking to raise money to deal with prices rising in day-to-day life.
Such problems may lead to increased success for fraudsters, it said, with one in six (16%) of Britons more likely to reply to an offer of investment from an unknown source.
Young people appear to be most vulnerable, with 30% aged 18-34 saying they would share personal financial details with unprompted investment approaches.
UK Finance has launched a campaign - Take Five to Stop Fraud- to warn the public of the rising fraud danger.
Take Five to Stop Fraud has identified 4 main scams:
- Purchase Scams, where people are offered a better deal in return for payment over a less secure method.
- Impersonation Fraud, criminals pretend to be trusted sources such as banks or the government requesting financial details, offering payments in return.
- Investment Fraud, under the guise of high monetary returns people are paying money to fake investments.
- Payment in Advance Fraud, criminals ask for up-front fees in return for loans which do not exist.
UK finance’s campaign advises people to ‘stop’ and ‘challenge’ before dealing with financial transactions.
If you have fallen victim ‘protect’ by reporting it to Action Fraud and your bank.