Recent findings from a survey involving 5,000 undergraduates have unveiled concerning statistics regarding scams targeting young adults in the UK. Our survey finds one in four young adults have been targeted by con artists pretending to work for their bank. Last year alone, these scams resulted in an average loss of £300 per individual victim. With conjob scams surging, students have come to the rescue. This is the first time that they have come together to share their lessons learned to increase understanding and strengthen prevention efforts.
The NCSC survey signals a worrying trend, especially for young adults, many of whom can be easily targeted by financial fraudsters. Since then, scammers have adopted bank impersonation as their go-to scam. This has led to a predatory cycle leading to an astounding increase in cases where people were misled into believing they were interacting with legitimate banks. Of those 5,000 participants, an awful 25% said they’ve been the target of this kind of harassment.
The survey paints a depressing picture. Its other goal is to collect more information about young adults’ experiences with scams. As part of the submission process, participants are challenged to upload a photo of themselves. Adding photos is encouraged, but not required. If you do include, make sure you get the approval of all people depicted in the image to respect privacy standards. NOTE: The maximum file size for photo upload is 5.7 MB.
The financial burden of these scams is staggering, with an average loss of £300 for those who fall victim. This alarming figure underscores the significant impact that fraud has on young adults. After all, many of these students are already facing financial pressures from tuition and living costs. The information from the survey helps us to better gauge the prevalence of scams. It looks at the landscape in which these scams are proliferating.
With the survey still ongoing, now is the time for students from all over the UK to get involved and have their voices heard. This method is instrumental in exposing the mechanics behind these scams. It creates future self-sufficiency by empowering young adults to better protect themselves. The data they collect will be one of the most valuable resources. It will better inform our efforts to develop proactive strategies that prevent scam risk in this demographic.