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Staying scam savvy – Virgin Money research shows how different generations are impacted by scams

15:16, 3/12/2024

According to research carried out involving 2,000 adults, it has been revealed that Gen Z are most likely to be caught out by telephone scams while Boomers are often tricked by phishing emails and texts; and under 27s are most likely to fall for online shopping scams.

Fifty five percent of consumers have noticed more scam attempts in the last 12 months with 74% of the belief that almost every scam they come across is online.

It also emerged that it’s more likely to be Boomers and Gen X that believe they’ve never been the victim of a scam while only 24% of Gen Z have successfully steered clear of fraudsters.

Gareth Pindred, head of fraud at Virgin Money, said:

“There’s never been a higher number of different types of scams circulating in the modern world than now, and scams are ever evolving as fraudsters try to capitalise on current events.”

“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. In fact, our research finds 82 per cent of adults think online scams have become more sophisticated and harder to spot.”

“While the results vary between generations, the findings have shown lots of people get caught out, despite an increased amount of awareness of and education about scams.”

It will not come as a surprise that consumers are taking precautions to protect themselves and their money from scams by avoiding suspicious links, monitoring bank accounts and using strong unique passwords.

The research found that when it comes to how much people have lost due to scams, Millennials have been left most out of pocket with Gen Z close behind.

More than half, 58%, of all respondents felt confident that they would know who to report a case of fraud to. Many felt ashamed about being a victim of a scam due to embarrassment, the financial loss and the fear of judgement of the inability to spot a scam.

Tips to avoid being caught by a scam

1. Don’t always assume that a text or phone call claiming to be someone you can trust is authentic. Just because someone happens to know your basic details it does not mean that they are genuine. Scammers can often make a telephone number appear on your mobile so even if it looks genuine, this alone should not be used as verification that they are who they say they are.

1. If something doesn’t feel right, it probably isn’t. Always trust your instincts. Scammers use tactics to lure their victims into a false sense of security.
2. Do not provide anyone with your security details such as your PIN number, passwords or one-time passcodes to anyone, even if they say they work for the bank. A genuine bank or organisation will never ask you for these over the phone.
3. Don’t rush to make any decisions. A genuine organisation won’t mind waiting for you to make a decision. Under no circumstances would be genuine bank or trusted organisation force or pressure you into making a financial transaction on the spot.
4. Don’t panic. Remember you are in control of your own decision making and you shouldn’t feel pressured into making a decision you’re not comfortable with.

Further reading

Bank fraud and scam claims – Oakwood Solicitors

£85,000 to be refunded within five days under new Payment Systems Regulators rules for APP scams – Oakwood Solicitors

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