Over 400,000 Scots have fallen victim to a financial scam

One in three people (29 per cent) know someone who has been duped by a fraudster, according to the Bank of Scotland’s How Scotland Lives study.
Despite this, 84 per cent say they feel confident that they would be able to spot a financial scam, and three quarters (78 per cent) say they can keep up with the potential risks around financial scams.

A third (33 per cent) of clued-up Scots reported that they have been targeted by fraudsters but were able to put a stop to it.

Despite sometimes being considered a more likely target for scammers, those aged over 55 are most confident that they could spot a potential fraudster (86 per cent), while those under 24 are the least confident in their ability to spot an attempted scam (81 per cent).

The research, commissioned to coincide with Citizens Advice Scotland’s Scams Awareness 2019, also found that dodgy phone calls (37 per cent) and fake emails (36 per cent) are the most common ways for fraudsters to target their victims.

However, scammers are broadening their horizons as Scots reported being contacted by fraudsters on social media (5 per cent), company websites (4 per cent) and through text messages (4 per cent).

Paul Davis, fraud and financial crime director at Bank of Scotland, said: “Scots are confident in their ability to spot a fraudster, yet it is clear from our research that many people still get caught out when it comes to scams. Fraudsters have adapted to changing technology and are using ever more sophisticated tactics, making them more difficult to spot.

“We’re encouraging people to talk to friends and family about fraud, so that more people are aware of how to identify the tell-tale the signs of a scam. If you suspect you’ve been targeted, it’s important to contact your bank immediately.“

Scams Awareness 2019 runs from the 10th to 23rd June. More information can be found here.