09/15/2021 | Press release | Distributed by Public on 09/15/2021 01:53
Men lose more than twice as much money to scammers than women, new research reveals
Men lost £2,780 each on average in the last year, while women lost £1,133
One in ten victims take no action when they have been scammed by fraudsters
Majority of victims don't change passwords, alert their bank or report it to authorities
Phoenix Group shares top tips for those who have been targeted by scammers
Male scam victims have lost more than twice as much money as females in the last 12 months, insight1 from Phoenix Group, the UK's largest long-term savings and retirement business, reveals.
The research finds that one in five (17%) UK consumers fell victim to a scam or fraudulent activity in the last year, with nearly a third (29%) losing money as a result. Men lost an average of £2,780 each, while women lost £1,133. Overall, the average amount of money UK consumers lost to scams was £1,988 per person, rising to £4,073 for those aged over 55.
Worryingly, one in ten (11%) scam victims did not take any action once they realised that they had been targeted by fraudsters in the past 12 months. Among those who had been scammed:
'For victims of financial fraud, the first port of call should be to inform their service provider who can take whatever steps are possible to protect their money. Anyone that has been scammed online should change passwords so that scammers can't infiltrate other accounts too. Reporting the activity to the relevant authorities will help prevent similar activity happening again and flagging to family and friends will increase awareness around the topic, and hopefully protect others in future.'
Acting upon suspicious activity
Phoenix's research also finds that more than a third (36%) of the UK public have received unsolicited financial advice in the last 12 months, 47% of whom thought it was suspicious or not legitimate. While the majority (52%) simply ignored it, a small proportion did take action:
Phoenix shares guidance on what you should do if you have fallen victim to a scam:
Oshin Sharma Dan White
Lansons Phoenix Group
07961 293373 07971 952921
Notes to editors
1 - Opinium carried out an online survey of 2,001 UK adults aged 18+ from 13th-16th April 2021. Results have been weighted to representative criteria.
About Phoenix Group
Phoenix Group is the UK's largest long-term savings and retirement business with c.14 million customers and £338 billion of assets under administration across both our Heritage and Open businesses.
Our Heritage business, where we are the market-leader, is focused on the safe and efficient management of insurance policies. The Heritage business comprises products that are no longer actively marketed to customers, and where we have stepped in as the custodian of these policies. We have built this business through the consolidation of over 100 legacy insurance brands.
Our Open business comprises products that are actively marketed to new and existing customers and has five separate business units. Our Workplace pensions and Customer Savings & Investments ('CS&I') units operate under the Standard Life brand and manufacture long-term savings and retirement products to support people saving for their future.
The Retirement Solutions unit within Open includes both vesting annuities and our Bulk Purchase Annuity ('BPA') business, where we acquire annuities and deliver the financial stability required to secure pensions currently provided by corporates.
The Open business includes our market leading brand - 'SunLife' - which sells a range of financial products specifically for the over 50s market and our European business unit which spans Ireland, Germany and the International Bond segment in the UK and operates under the Standard Life brand.