New research with 2,000 adults* reveals Gen Z are most likely to be caught out by telephone scams, Boomers are most likely to fall for phishing emails and texts, and under 27s are most likely to be caught out by online shopping scams.
The findings, released by Virgin Money today to coincide with Black Friday, show how one in five (22 per cent) Millennials have been caught out by general phishing scams – with emails, calls and texts all posing a threat.
While 55 per cent of consumers have noticed more scam attempts in the last 12 months – with 74 per cent of the belief that almost every scam they see now is online – it is Boomers and Gen X who believe they’ve never been a victim of a scam, compared with only 24 per cent of Gen Z have successfully kept out of the way of fraudsters.
Gareth Pindred, head of fraud at Virgin Money, said: “There’s never been a higher number of different types of scams circulating in the modern world than now, and scams are ever evolving as fraudsters try to capitalise on current events.
“People can get complacent with things like shopping online because they think they're savvy enough to spot a scam, but that’s not always the case. In fact, our research finds 82 per cent of adults think online scams have become more sophisticated and harder to spot.”
“While the results vary between generations, the findings have shown lots of people get caught out, despite an increased amount of awareness of and education about scams.”
There are many different types of scams out there. The top scam that people are most concerned about is identity theft (32 per cent of all adults are most concerned about this type of scam), followed by general phishing scams, such as emails, calls and text messages that have fake content or senders attempting to steal information (24 per cent), while 14 per cent are most worried about scams that impersonate friends and family asking for money.
When it comes to how much people have lost due to scams, the research finds Millennials have been left most out of pocket, to the tune of an average of £150, with Gen Z close behind with £141. Unsurprisingly, consumers are looking to protect themselves and their money from scams, and avoiding suspicious links, monitoring bank accounts and using strong, unique passwords are the top ways they are doing so.
While more than half (58 per cent) of all respondents feel confident they’d know who to report a case of fraud to, according to the OnePoll data, 31 per cent have felt ashamed about getting caught out by a scam due to embarrassment of being caught out, the financial loss and fear of the judgement of the inability to spot something obvious.
Virgin Money’s Gareth Pindred added: “You shouldn’t feel ashamed if you’re caught out by a scam – but there are ways to better protect yourself and consumers should be able to rely on brands and companies to help protect them online.
“While the landscape of online fraud continues to shift, we take every step possible to help consumers feel safe and provide advice on how to stay protected.”
Gareth Pindred shares his advice on how not to get caught out by a scam:
- Never disclose security details, such as your PIN, full banking password or one-time passcode to anyone, even bank staff. A genuine bank or organisation will never ask you for these on the phone.
- Don't assume an email, text or phone call is authentic. Just because someone knows your basic details (such as your name and address or even your mother’s maiden name), it doesn’t mean they are genuine. Remember, criminals can also make any telephone number appear on your phone handset so even if you recognise it or it seems authentic, do not use it as verification they are genuine.
- Don’t be rushed – a genuine organisation won’t mind waiting. Under no circumstances would a genuine bank or some other trusted organisation force you to make a financial transaction on the spot. Always remember: Stop. Think. Check.
- Listen to your instincts – you know if something doesn’t feel right. Criminals may lull you into a false sense of security when you are out and about or rely on your defences being down when you’re in the comfort of your own home.
- Stay in control – don’t panic and make a decision you’ll regret. Have the confidence to refuse unusual requests for personal or financial information. It’s easy to feel embarrassed when faced with unexpected or complex conversations. But it’s okay to stop the discussion if you do not feel in control of it.
Find out more by reading our article on how to shop safely online. Link opens in a new window
*About the research
Survey conducted via OnePoll for Virgin Money, with a sample of 2,000 UK adults in November 2024