Millennials falling victim to bank account scams 

Young people are particularly vulnerable to fraudsters’ tricks, but older age groups losing the most money.

Tom Harrison
Content writer
minute read
Do you know someone who could benefit from this article?
Posted 6 SEPTEMBER 2019

Millennials are falling victim to scams designed to trick them into transferring cash to fraudsters more than any other age group, data from Lloyds Bank shows.  
But the scams, which involve fraudsters impersonating bank staff or police, are hitting all age groups, with the over-55s losing the most money to these tricks.  
According to Lloyds Bank, the number of 18-34 year-olds being caught out by so-called 'impersonation scams' has increased almost four-fold.  
However, younger people are losing less money than older age groups. The figures show:

  • Victims aged 18-34 are losing £2,630 on average to these scams 
  • Over-55s are losing more than four times as much per scam (£10,716 on average) 
  • People aged 45-54 are three times more likely than other age groups to be scammed and are losing an average of £3,573.

How the scams work 

In these types of scams, fraudsters pretend to be from the bank or the police. They ask the victim to quickly transfer money to a ‘safe’ account saying there’s a problem with the bank or that the account is in danger. 
They also get people to believe bank staff are involved in the scam. 

Protecting customers 

To crack down on the scams, Lloyds Bank has launched a new campaign, including a TV advert, reminding customers that it will never ask them to move money into another account.  
“Helping to keep our customers’ money safe is our number one priority – being a victim of fraud can have devasting effects not just on people’s finances but also their lives,” says Paul Davis, Retail Fraud Director at Lloyds Bank.    
“While we are working 24/7 behind the scenes to protect customers and millions of pounds have been frozen, every day fraudsters are trying to trick people into handing over their personal information like a PIN or password or transferring cash. 
“The more we all know about spotting scams, the safer we will all be.” 
Anelda Knoesen from Compare the Market says: “It’s really important to be aware of fraudsters’ methods: never give anyone your PIN or password, and always check your statements for unauthorised transactions.”