New research from UK Finance’s Take Five to Stop Fraud campaign has uncovered that individuals under the age of 25 are more vulnerable to impersonation scams compared to older demographics.
The data indicates that almost 49% of those aged 18-24 have been targeted in such cons, with over 52% consequently divulging personal or financial details.
Impersonation scams involve criminals masquerading as a trusted person or organisation to deceive victims into sharing sensitive information. These details are then exploited for fraudulent activities, including theft.
A concerning 49% of respondents aged 18-24 reported having been contacted by an impersonation scammer. This is in sharp contrast to just a third of those over 55.
Alarmingly, of the younger adults who were targeted, 52% admitted to sharing personal information or making a payment in response to the scam.
Despite this, 91% in this age group were confident in their ability to identify such scams, although only 27% said they would always take steps to verify the legitimacy of unexpected requests for personal data.
This is markedly lower than the over-55 age group, where more than 60% claimed they would always carry out checks.
Ben Donaldson, managing director of Economic Crime at UK Finance, said: “Criminals who commit fraud are willing to target us all. They don’t need much information to create an online identity, which can then be used to steal money and fund other crimes, causing enormous harm. I’m very concerned about the number of young adults who are giving their personal information to criminals.”
In response to the alarming trend, Take Five has collaborated with magician Ben Hanlin to raise awareness among young people.
Hanlin, noted for his appearances on ITV’s ‘Tricked’ and ‘Dancing on Ice’, demonstrated the ease with which criminals can deceive victims into sharing personal information.
Hanlin said: “Criminals can be incredibly persuasive with the tricks they use, making it hard to see through their illusions. Always remember to challenge requests to share personal or financial information, as sometimes sharing the simplest of information can lead to losing life-changing sums of money.”
UK Finance revealed that more than £1.2bn was lost to various types of fraud in 2022, with impersonation scams accounting for 45,367 cases and costing a total of £177.6m.
The Take Five campaign advises the public to stop and think before parting with personal or financial information, challenge any unexpected requests, and protect themselves by contacting their bank and reporting to Action Fraud if they believe they have fallen for a scam.
This advice is more pertinent than ever, given that scammers are increasingly turning to sophisticated techniques to defraud their victims.
