Banks warn young people particularly vulnerable to scams

28 Oct 2022

Trade body UK Finance has warned the public to stay alert to fraud as individuals look for opportunities to make extra money as a result of the cost-of-living crisis.

UK Finance's Take Five to Stop Fraud campaign is warning the public to be 'alert to potential fraud'. The trade body said that young people are more likely to be at risk: a third of individuals aged between 18 and 34 said that they would be likely to respond to an unprompted approach from someone offering an investment opportunity or a loan.

Three in five people said that they are concerned about falling victim to financial fraud or a scam, according to UK Finance.

Katy Worobec, Managing Director of Economic Crime at UK Finance, said: 'The rise in the cost of living can be worrying and stressful and for many keeping on top of finances might be a struggle. It's important for everyone to be conscious of criminals taking advantage of people's anxieties around finances by staying alert for fraud.

'We encourage everyone to follow the advice of the Take Five campaign - always be cautious of any messages or calls you receive and stop and think before sharing your personal or financial information.'