Younger people being targeted by investment scams

(3 minutes to read)

Lloyds Bank: ‘There’s now a new generation of younger, more inexperienced investors on the scene for scammers to target’.

Latest findings show that those aged under 45 now account for as many as 70% of reported investment scams.

Data from Lloyds Bank revealed that 18-24-year-olds are more likely to fall victim to an investment scam – making up around a quarter of all cases.

According to the report, fake ads on social media promoting cryptocurrencies and meme stocks are luring many younger investors into parting with their money to fraudsters.

The average amount lost per victim was £8,585 – down considerably from the previous year (£10,217). However, this varies hugely amongst different age groups, with older victims usually losing much more.

Interestingly, the biggest rise in those reporting investment scams over the last 12 months came amongst 35-to-44-year-olds, with cases jumping by 52% compared to the previous year. Cases of those aged 25 to 34 rose by 24% over the same period.

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Liz Ziegler, Retail Fraud & Financial Crime Director, Lloyds Bank, said,“Investing can be a great way to make money, but many deals are simply too good to be true, and it takes hard work and lots of research to find the right investment for your circumstances.

“The organised criminal gangs behind scams are constantly evolving their tactics to exploit new trends and trick more victims into parting with their cash. Recently we’ve seen them widen their net to target younger investors, who are often tempted by the supposed ‘get rich quick’ promise of cryptocurrencies and meme stocks.

“While older investors remain at high risk – and often stand to suffer much heavier losses – there’s now a new generation of younger, more inexperienced investors on the scene for scammers to target. Predictably, our analysis suggests that social media platforms are the main breeding ground for these types of scams, with a mix of bogus ads, fake endorsements and cloned accounts key to fraudsters’

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