Jason Fox on why under 34s are twice as likely to fall victims of being financially scammed

Fraudsters are using the cost-of-living crisis to target people with scams – and new research highlights that younger people are most likely to fall victim to the pressure tactics often used by scammers. One in five (22%) of people aged 18-34 have been a victim of financial fraud at least once, in comparison to just one in 10 people aged 55+ and 12% of those aged 35-54.

As the current economic situation worsens for millions of people around the UK, three in 10 people have been targeted by fraud which exploits the rising cost-of-living. 42% of people are more worried about scams than they were pre-pandemic, and 60% agree it’s more difficult to spot a scam than it was five years ago.

Data from Marcus by Goldman Sachs reveals that one in five (21%) 18–34-year-olds struggle to think clearly when put under pressure during a cold call. They are also the most likely age group to give away personal information on the phone when put under pressure, however, over half (55%) of people in the age category believe they’re too technologically savvy to fall victim to a scam.

Aston spoke to broadcaster and former special forces sergeant Jason Fox.

Photo by Colin Watts on Unsplash