Interactive Investor

Under-25s more likely to be impersonation scam target

interactive investor comments on UK Finance research findings.

7th September 2023 10:39

by Myron Jobson from interactive investor

Share on

New research published today by UK Finance, the trade association for the UK banking and financial services sector, finds that under-25s are more likely than older age groups to have been targeted in an impersonation scam.

Commenting Myron Jobson, Senior Personal Finance Analyst, interactive investor, says: “The under-25s cohort seem to be viewed as easy pickings among scammers, according to UK Finance’s research.  

“It could be the case that younger generations often grew up with social media and online communication, where trust in online interactions is the norm. This trust can make them more susceptible to scams disguised as friendly or official messages. Also, many young people are just starting their financial journeys, which can make them less cautious when it comes to financial transactions, investments, or sharing personal information.

“Scammers can be smooth talkers. They'll sweet-talk you, make you believe they're the real deal and use [you]. They'll use psychological tricks to get inside your head and make you trust them. They're tech-savvy, too. They can fake email addresses, phone numbers, and websites, so it looks like they're legit - it's like they've got a bag of digital disguises at their disposal.

“They also thrive on drama. They'll exploit emotions, such as excitement or desperation, which can cloud judgement and make it difficult to question the authenticity of the situation. Scammers can also create a fake crisis, make you panic, and act like there's no time to think. It's all a mind game to throw you off balance.

“The reality is people across the age spectrum are guilty of over-estimating their ability to spot a financial scam when even those who consider themselves financially savvy aren’t immune to increasingly sophisticated scams.

“While scammers might change their approach depending on how old their victim is, they don’t discriminate by age - so we all need to be on our guard. To protect yourself, it's essential to remain vigilant, verify the identity of individuals or organisations contacting you, and never rush into financial transactions or sharing personal information without thorough verification.”

These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.

Get more news and expert articles direct to your inbox