A recent survey of 2,000 adults has uncovered that individuals under the age of 27 are frequently falling prey to online shopping scams, with a staggering 22% of Millennials having been duped by phishing scams via emails or texts.
In contrast, Boomers and Gen X are confident they’ve never been scammed, while only 24% of Gen Z have managed to completely avoid fraudsters.
Head of Fraud at Virgn Money, Gareth Pindred, is issuing a stark warning about the unprecedented levels of scams in today’s society.
He highlighted that scammers are constantly refining their methods, exploiting current events to make their scams more sophisticated and difficult to spot, even for those who pride themselves on being scam-savvy.
“People can get complacent with things like shopping online because they think they’re savvy enough to spot a scam, but that’s not always the case,” Gareth warned.
Despite taking precautions such as avoiding suspicious links and creating robust passwords, Millennials have emerged as the most affected group, with the research showing they’ve been hit hardest by scams.
The study indicates that the average Millennial has lost around £150 each, with Gen Z close behind, suffering an average loss of £141, often leaving them embarrassed over falling victim to a scam.
Put your alertness to the test with this challenging quiz: Can you spot a scam?
Gareth emphasised the importance of not feeling ashamed when caught in a scam, stating: “You shouldn’t feel ashamed if you’re caught out by a scam – but there are ways to better protect yourself. And consumers should be able to rely on brands and companies to help protect them online.”
He added that while the threat landscape is constantly changing, measures are being put in place: “While the landscape of online fraud continues to shift, we take every step possible to help consumers feel safe and provide advice on how to stay protected.”
While the majority of scams encountered appear to be online, four in 10 people say they have experienced contact from fraudsters impersonating bank or government officials.
According to the survey Brits are predominantly concerned about identity theft and being conned through phising emails or texts. fraudulent emails or texts. But anxiety about individuals mimicking friends or family to ask for money is rising.
Money influencer Chloe Carmichael, 32, from Glasgow fell victim to a scam during a trip to Rome earlier this year.
Despite researching common scams in the city beforehand, she was conned out of 50 euros after purchasing a watercolour painting that a vendor claimed to have painted himself.
She later found out the images were actually prints that had been painted over with a cheap watercolour set to give the illusion that he was painting them on the spot.
Chloe commented: “This shows just how easy it is to fall victim to scams no matter how financially or digitally savvy you are.”
“I’m a money influencer so I’m very conscious of how I spend my money and very aware of scams, but this person seemed honest and unfortunately their deception worked on this occasion.”
“I was apprehensive to post a video on my social media about the scam, but several people shared that it happened to them too.”
“Others mentioned they’re grateful for the video and that they were aware of this scam before their next holiday, so I’m glad I shared my experience to help others avoid it happening to them.”
