UNDER 34's TWICE AS LIKELY TO FALL VICTIM TO FINANCIAL SCAMS | Sarah Card

Podcast Radio Business Interviews

Sarah Card, Head of Delivery and Risk at Marcus by Goldman Sachs,talks to Clayton M. Coke of Podcast Radio Business to discuss the tactics scammers use to entice people to part with their money, how to spot fraud, and the common mistakes that can lead you to being a target for fraudsters.

Fraudsters are using the cost-of-living crisis to target people with scams, with younger people most likely to fall victim to the pressure tactics often used by scammers. Indeed a fifth (22%) of people aged 18-34 saying have been a victim of financial fraud at least once, in comparison to only one in 10 people aged 55+ and 12% of those aged 35-54.

As the economic situation worsens for millions around the UK, three in 10 people have been targeted by fraud which exploits the rising cost-of-living while 42% of us are more worried about scams than pre-pandemic, and 60% agree it is harder to spot a scam than it was five years ago.

About 64% of us have regretted a decision we have made when under strain, with the top reasons including being put under time pressure to make a decision (43%), communicating with a very persuasive person (34%) and feeling too embarrassed to decline (29%).

Almost two thirds of UK adults (64%) have regretted a decision they havemade when under strain, with the top reasons including being put under time pressure to make a decision (43%), communicating with a very persuasive person (34%) and feeling too embarrassed to decline (29%).

Data from Marcus by Goldman Sachs reveals that one in five (21%) 18–34-year-olds struggle to think clearly when put under pressure during a cold call. They are also the most likely age group to give away personal information on the phone when put under pressure, however, over half (55%) of people in the age category believe they’re too technologically savvy to fall victim to a scam.