Individuals contacting a dedicated financial scams helpline over the past year have typically lost more than £16,000, as reported by the Money and Pensions Service (MaPS). Between April 2023 and March 2024, the 833 individuals who reached out to the helpline collectively lost a staggering £13.6 million. Alarmingly, the average loss per person amounted to £16,297. The helpline has observed a pattern in the types of scams that have victimized individuals, including identity theft, bank account scams, and digital currency investment fraud. MaPS also highlighted that over 70% of individuals who received pension guidance through its MoneyHelper service reported feeling more confident in detecting potential scams. Charlotte Jackson, head of guidance services at MaPS, expressed concern over the prevalence of financial crimes and scams and emphasized the need for increased security and understanding to mitigate future losses.
Financial Scams: Victims Lose Over £16,000 on Average
