£1,002 Is Average Scam Loss in UK
Published / Last Updated on 25/02/2022
A platform designed to help banks and financial institutions identify consumers that are vulnerable to fraud called Kalgar, has found that the average UK consumer loses £1,002 when scammed.
Research also found that:
- Over 20% of the UK population have suffered some form of financial scam.
- Consumers with a carer usually get scammed by even more than the £1,002 UK average at £1,523.
- 3% of the population have been scammed by £10,000 or more.
Comment
Whilst the press, the FCA and financial companies do their best to warn and protect consumers about financial fraud, the reality is that financial fraud is on the increase and getting even more sophisticated.
It is a concern for us all that more are more people feel vulnerable when dealing with their finances online and many feel that banks and financial companies are still not doing enough to prevent fraud.
We have to agree. Whist it is a ‘pain’ when moving, transferring or spending our that security checks are in place, there needs to be more development by institutions to make fraud and scams so difficult for all.