Did you know younger adults are more susceptible to financial scams?

I was very surprised to learn this week that 16% of 18 to 24 year olds surveyed by the Financial Conduct Authority’s Financial Lives survey had paid money out to a Covid-19 scam. This compares to just 1% of over 55s.

There are a lot of scams out there and it is upsetting to know that someone will always try to profit from others misfortune. The most common have been offering financial support, charging for the Test and Trace service or offering six months of free TV license. According to the FCA, 1.4 million people say they have paid money out as a result of a Covid scam. And, as you might expect, the most vulnerable of our society have been the worst hit.

I have put together some of the more common scams on our website Hoot Credit Union | Scams 

For more information on scams and to keep up-to-date with the latest ones, see Action Fraud and ScamSmart.

To read the FCA Financial Lives survey 2020 go to Financial Lives 2020 survey: the impact of coronavirus

The key to protecting yourself against scams is to check thoroughly who you are dealing with, never give out personal information unless you are absolutely sure, and remember, if it’s too good to be true- it probably is.