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One in four would transfer all their money to a scammer, study finds

Scams dupe the youngest, most tech savvy consumers as cases of fraud rocket.

More than one in four consumers would transfer all of their money to a “safe account” if someone they believed to be from their bank, or a police officer, called them to tell them their bank account had been compromised and their cash was at risk of being stolen.

But the figures, just the latest in an avalanche of data on fraud, don’t just highlight the risk to the elderly, vulnerable or somehow non-techy among us.

The numbers suggest those most at risk of falling for these are the under-34s, almost half of whom would do as the caller said, and transfer their cash to what they think is a new, safe, account, according to research by KIS Finance.

That’s despite more than 80 per cent of this age group claiming to know what these scams are and how they work.

If they do transfer their money, separate figures from Santander show the average victim would lose £5,634 each.

In safe account scams, the fraudsters cold-call their victims and pose as either a bank representative or as a police officer, putting pressure on them to panic and do as they say by frightening them into thinking their money is at imminent risk of being stolen.

That’s despite more than 80 per cent of this age group claiming to know what these scams are and how they work.

If they do transfer their money, separate figures from Santander show the average victim would lose £5,634 each.

In safe account scams, the fraudsters cold-call their victims and pose as either a bank representative or as a police officer, putting pressure on them to panic and do as they say by frightening them into thinking their money is at imminent risk of being stolen.

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