![]() ![]() It added that 30pc of Britons had been targeted by impersonation scams. Online investment scammers typically pose as celebrities or public figures on social media, endorsing fake investment opportunities, the bank said. The bank’s data revealed that 26pc of investment scam victims were under the age of 30 – and the average amount lost by young people was “equivalent to a year’s student loan”.īarclays said 77pc of investment scams originated on social media sites and urged young people to be wary of so-called “finfluencers” (financial influencers) – social media personalities who give advice on financial investments. Young people were also found to be more likely to fall victim to investment scams, according to data published by Barclays this week. Last year, the figure was over 19,000, suggesting reports could fall to around 16,000 this year – a drop of 18pc. In the first four months of 2023, there were 5,314 text scams reported. However, recent crackdowns by telephone companies and Ofcom have seen the overall volume of scams drop year on year. Text scams have grown from a “really low base” to the most likely impersonation scam victims will fall for, Mr Davis added. The key thing to remember is scams may start with a text message, but it is the first step in what is a complex scam.” He added: “Scammers can then call you back and verify the information. He added that such texts are more likely to find success with young people as they order items frequently online. This sees fraudsters pose as online retailers asking victims to click on a link within a message and type in personal information or bank details. ![]() Typically, text scams targeted at young people take the form of “delivery company texts”, Mr Davis said. Paul Davis, TSB’s director of fraud prevention, said: “If you’ve grown up with smartphones you’re more likely to be trusting of them – and there’s always a scam that could be convincing enough.” The smartphone generation – those aged 20-29 – is supposedly tech-savvy enough to spot a fraudulent message from a mile away, but experts said their familiarity with technology made them more susceptible. ![]()
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