Fifth of 18 to 34-year-olds have fallen victim to financial scams – survey
One in five 18 to 34-year-olds said they struggle to think clearly when put under pressure during a cold call, according to Marcus by Goldman Sachs.
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Your support makes all the difference.People aged 34 or under are around twice as likely to have fallen victim to a scam as older age groups, a survey suggests.
Just over a fifth (22%) of 18 to 34-year-olds said they had been the victim of financial fraud at least once, compared with 12% of people aged 35 to 54 and around one in 10 over-55s.
The survey of 4,000 people across the UK in September was carried out for online bank Marcus by Goldman Sachs.
Despite the findings, more than half (55%) of 18 to 34-year-olds would consider themselves too technologically savvy to be scammed.
However, one in five (21%) 18 to 34-year-olds said they struggle to think clearly when put under pressure during a cold call and nearly half (48%) would act on impulse if they see something that appears to be a good deal.
Across the survey, nearly two-thirds (64%) of people said they have regretted a decision they have made when under strain.
And, as fraudsters’ tactics have become more sophisticated, six in 10 (60%) of people believe it is harder to spot a scam now than it was five years ago.
Commenting on the findings, SAS: Who Dares Wins star Jason Fox said: “Under pressure, our ability to make rational decisions is seriously impaired, which is why anyone can be tricked into doing something they wouldn’t usually.
“Time urgency, pretending to be a voice of authority or offering something too good to be true are all pressure tactics which fraudsters use to encourage you to fall for their scam. Always remember to take a moment to step back from the situation, rationalise and seek advice if something doesn’t feel right.”
Fraudsters do not discriminate and no matter your age or how technologically savvy you might consider yourself
Sarah Card, head of delivery and risk at Marcus by Goldman Sachs said: “One reason why younger people could be more susceptible to fraud is they are more active in posting their personal details online, making them a target for fraudsters.
“However, fraudsters do not discriminate and no matter your age or how technologically savvy you might consider yourself, it is important that you remain vigilant.
“There are a variety of types of scams out there to be aware of, including phishing emails, phone and text message scams, or those impersonating an organisation using a cloned website. Have the confidence to refuse unusual requests and trust your instincts; no trusted organisation would put pressure on you to make a transaction on the spot.”