One in ten UK adults have lost money to an investment fraud or scam.
Research by open banking payment provider Yaspa found the average amount of money lost through fraud and scams was £765, with on average 34 per cent of the funds recovered.
It also revealed those aged between 25-34 had the highest percentage of people losing money to investment scams with 28 per cent falling victim.
Some 19 per cent of those aged 35 to 44 had lost money and only 2 per cent of those over the age 55 had been victims of investment fraud or scams.
The data also found the average financial loss across all scams for men was £943 – significantly higher than for women, whose average was £476.
Amie Kadhim from Yaspa said: “Push payment fraud is one of the most damaging types of fraud today – and once the money’s gone, it’s rarely recovered.
“Scammers exploit the trust people place in bank transfers, highlighting the urgent need for better safeguards.
“As fraud tactics evolve, we must stay ahead with smarter technology – and help consumers understand which payment methods truly offer better protection.”
According to the research, 38 per cent of respondents believed investment scams were the most common type of fraud in the UK at the moment, the highest of any scam type.
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