Young adults are now being hit harder by scams than older generations, new data claims.
Almost half of under 35s say they have been swindled out of cash by scammers in the past year, according to fraud prevention company Featurespace.
Some 47 per cent of this younger age group say they have lost money to scams in the past 12 months, compared to just 15 per cent of people over 55.
While younger generations may think of themselves as technology savvy, tricksters are increasingly using social media platforms to convince people into handing over their money.
This ranges from ticket scams where fraudsters sell tickets to to a concert or event, which the buyer never receives, to a fake advert for a scam investment scheme which can pilfer hundreds of thousands of pounds from a victim.
Nearly half of young adults have lost money to a scammer, compared to just 15 per cent of those aged at least 55.
Young adults also typically lose more money to a scammer than older generations.
The research shows under 35s lost an average of £3,070 in the past year while those over 55 lost £1,760.
Four in five households feel there has been an increase in scam attempts in the previous year as tricksters try new ways to con innocent victims out of their savings, the poll of 2,000 consumers found.
In the first half of the year, nearly £630million was pilfered from unsuspecting consumers, banking trade body UK Finance revealed last month in its half yearly scam report.
Fake website scams are the most common type of scam which caught out under 35s with one in three of these fraud victims said they had been stung by this method.
This is where scammers set up a false website that looks real. It can be designed to mimic the branding and style of a company you know and use regularly.
The websites may claim to be selling a product or service, but it is actually designed to steal your financial and personal details – and the product you think you are buying may not arrive.
Tricks to watch out for include selling items at a lower prices than usual, an odd payment method such as gift cards and Bitcoin, or an error message that asks you to click a link.
Other common types of scams include investment opportunities, which caught more than one in five of these young adults, and cryptocurrency scams which also hit one in five in the pocket.
An increasing use of artificial intelligence in scams is also worrying consumers – almost nine in ten are concerned with how sophisticated AI scams are becoming.
Jason Blackhurst, head of Featurespace, says: ‘Young consumers are losing thousands to increasingly sophisticated scams.
‘With Black Friday and Christmas around the corner, banks must act fast.’
Experts are warning shoppers of purchase scams this festive season.
The number of shopping scams has been soaring, with 45 per cent of people experiencing this at least once in the past 12 months, according to a new report from the Global Anti-Scam Alliance (GASA).
This is where a victim pays for an item or a subscription they never received.
It is a type of authorised fraud – which is where a victim is tricked into sending money to someone they believe is a legitimate payee.
If you hand over money to a fraudster in what is known as an authorised push payment (APP) scam and did not act with ‘gross negligence’, then you are entitled to be reimbursed up to the value of £85,000 under rules introduced in October last year.
If you have fallen for a scam, contact your bank immediately. You should also report it to Action Fraud. Go to www.actionfraud.police.uk or phone 0300 123 2040.
Have you lost money to a scam recently? Contact us: l.evans@dailymail.co.uk
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