YOUNGER BRITS MORE SUSCEPTIBLE TO FINANCIAL SCAMS THAN OLDER GENERATION

Whilst it may seem our everyday lives have changed massively this year, there are certain things that have unfortunately continued as before – namely financial scams. Shockingly, 20% of Brits believe they have been targeted by a financial scam via their phones every week for the past two years.

Research from credit reference agency Equifax has revealed that over the past two years, 1 in 10 of us think we have been targeted weekly via text and 23% via email.

Despite common perception probably being that the older generation are far more likely to be caught out by these scams, the Equifax research suggests otherwise. 42% of the 18-34s said they spotted these scams, gradually increasing to as high as 72% for the 65+ and 74% for the 55-64s.

Since the pandemic started, around a third (31%) of Brits said they felt more exposed to financial scams. Those aged between 18-34 have felt most exposed, with an overall feeling of financial negativity due to Covid-19.

Those from London (48%) and Birmingham (42%) have stated that they have felt more exposed to financial scams since the pandemic began.

Although 63% of us consider ourselves to be savvy and able to spot a scam straight away, the highest proportion of people feel understandably angry about being targeted, with a further 37% of us feeling frustrated and 21% vulnerable.

29% of Brits stated that they have had a negative impact on their finances because of the on-going pandemic. Naturally, this has led to an increase in people looking for ways to save their pennies. A whopping 65% of us have looked for financial deals, with 35% saying they would sign up to offers they saw on social media, as long as they could check a review beforehand. However, 27% said they would jump straight in without even checking.

This could bode well for financial scammers. With 13% of Brits saying their internet shopping had increased by 21-30% since before lockdown, we are online more than ever. When asked if they would sign up to an online discount for a product in exchange for personal information, 39% said no, but a worrying 16% said they would. Providing personal information to get an online offer is more likely to appeal to men (21%), than to women (12%).

Reassuringly, 82% of Brits said their laptop/computer was up to date with the latest antivirus software, with older people most likely to have the most up to date antivirus software. 91% of the 65+ said this was the case, while 67% of the 18-34s said the same.