Millennials most likely to fall prey to bank fraud, Lloyds reveals | Money



Millennials are falling victim to scams involving handing money to fraudsters more than any other age group, according to Lloyds Bank.

New data shows that victims aged 18 to 34 are losing an average of £2,630 to frauds, which typically involve scammers impersonating banking staff, the police or HM Revenue and Customs.

People over 55 are still handing over the most money out of any age group – with £10,716 reaching the pockets of the fraudsters per scam on average – but are less likely to be duped, with a slowdown in the number of total scams.

Despite losing less money when scammed, more millennials have lost out financially, with the number of them being tricked rising almost fourfold.

There are more than three times as many people aged between 45 and 54 being scammed out of money than those over 55, according to the figures. Lloyds revealed that people in this age group are being tricked out of an average of £3,573 per fraud.

Younger people are thought to be duped at a much faster rate than their peers because of their greater use of online banking, which has increasingly been seized upon by scammers.

Greater awareness among older people is also thought to have driven fraudsters to new groups and tactics.

Paul Davis, fraud and financial crime director at Lloyds Bank, said: “Helping to keep our customers’ money safe is our number one priority. Being a victim of fraud can have devastating effects not just on people’s finances, but also their lives.

“While we are working 24/7 behind the scenes to protect customers and millions of pounds have been frozen, every day fraudsters are trying to trick people into handing over their personal information, like a PIN or password, or transferring cash.”

The figures come as the bank launches a new multimedia campaign to crack down on scams, including a TV advert that will air from Monday.

Davis added: “Our new campaign will help people to recognise the signs by reminding them that we will never call and ask them to move money to another account. The more we all know about spotting scams, the safer we will all be.”

Gareth Shaw, head of money content at consumer group Which?, said: “Anyone of any age can fall victim to a bank transfer scam, as fraudsters use increasingly sophisticated tactics – and people are losing life-changing sums of money every day as a result.” He added that all banks and payment providers should sign up to a new voluntary code that offers greater protection for their customers and scam victims.