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Frauds and scams: How big is the problem?

Frauds and scams: How big is the problem?

Scams Awareness Month is taking place throughout June to raise awareness and take a stand against fraudulent crime. Citizens Advice research shows that 72% of people living in the UK will be targeted by scammers. So, how big is the problem?

The average financial loss of each victim is £1,000, but some people can lose their homes and life savings. Not only is there a huge financial danger, victims also experience emotional and sometimes physical damage. Victims of frauds are likely to suffer a loss of confidence and independence; which can cause anxiety, stress and depression.

Older people are some of the biggest targets of frauds, with 85% of victims of doorstep crime aged 65+.  Older people will also see a faster decline in their health – two years after the crime, older victims are 2.4 times more likely to have died or to be living in residential care.

People may fall victim to fraud for many different reasons, often because they are honest people and expect others to be the same.

For older people, it can be easy to forget who is legitimate and who you can trust. Fraudsters may try to befriend vulnerable people who have little other social interaction. This allows them to build trust with the victim before scamming them. But most often, fraudsters use clever tricks and their victims do not know they’re being scammed.

Would you know how to spot a scam?

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