In recent times, the combined efforts of telephone companies and Ofcom have resulted in a decline in the overall number of scams being reported annually. As per the latest statistics, there were 5,314 instances of text scams reported in the first four months of 2023. This figure is significantly lower compared to last year’s count of over 19,000, indicating a potential decrease to approximately 16,000 reports this year, marking an 18% reduction.
A recent data analysis conducted by Barclays highlights that young individuals are more susceptible to falling victim to investment scams. This analysis reveals that 26% of investment scam victims are under the age of 30. Additionally, the average amount lost by young individuals is equivalent to the value of a year’s student loan.
Barclays further reveals that a majority (77%) of investment scams originate from social media platforms. The bank raises concerns over “finfluencers” (financial influencers), who offer financial investment advice on social media. These online investment scammers often impersonate celebrities or public figures and endorse fraudulent investment opportunities. The bank also notes that 30% of the British population has been targeted by impersonation scams.
In response to these trends, Ross Martin, the head of digital safety at Barclays, emphasizes the importance of caution among young individuals. He warns that not all investment opportunities presented on social media are legitimate and urges individuals to remain vigilant against potential scammers.
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