UK: More Than Five Million Fall Victim To Financial Scams, Lloyds Bank Warns

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More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public.

A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned.

The bank urged consumers to be vigilant and alert to threats as part of a nationwide scams awareness week.

Fake emails and dodgy phone calls were the most common ways fraudsters targeted victims, the research revealed.

But the bank said social media, company websites and text messages had also become “hunting grounds” for scammers.

Earlier this year UK Finance chief executive Stephen Jones warned fraudsters were using Facebook and Instagram to target millennials who are “overly trusting” of social media.

Jones told MPs organised criminals were using social media sites to scam younger people aged under 30 at an increasing frequency – Santander UK also a Facebook advertising scam has caused it to close 900 accounts a month.

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