More than five million fall victim to financial scams, Lloyds Bank warns

More than five million people in the UK have fallen victim to a financial scam as fraudsters use more sophisticated techniques to dupe the public.

A Lloyds Bank and YouGov survey revealed 10 per cent of adults had been scammed while a quarter said they knew someone who had conned.

The bank urged consumers to be vigilant and alert to threats as part of a nationwide scams awareness week.

Fake emails and dodgy phone calls were the most common ways fraudsters targeted victims, the research revealed.

But the bank said social media, company websites and text messages had also become “hunting grounds” for scammers.

Earlier this year UK Finance chief executive Stephen Jones warned fraudsters were using Facebook and Instagram to target millennials who are “overly trusting” of social media.

Jones told MPs organised criminals were using social media sites to scam younger people aged under 30 at an increasing frequency – Santander UK also a Facebook advertising scam has caused it to close 900 accounts a month.

Despite the survey results 83 per cent said they were confident they would notice a financial scam and a third said they had foiled attacks.

“We are a vigilant nation, yet it is clear from our research that many of us do still get caught out when it comes to scams,” Lloyds Bank fraud and financial crime director Paul Davis said.

“Fraudsters have adapted to changing technology by using ever more sophisticated tactics making them more difficult to spot.

Davis encouraged people to discuss fraud with friends and family, and urged consumers to contact their bank immediately if they suspected they had been targeted.

The bank’s advice included checking emails for spelling mistakes, using up to date anti-virus software, checking the sender was a real person and it clarified that a bank would never ask you to share account details.