More than 5 million Britons (10 per cent) have fallen victim to a financial scam at some point in their lives, according to new research published by Lloyds Bank and YouGov, while a quarter know of someone that has been fooled by a fraudster.

However, despite the findings, 83 per cent claimed they feel confident that they would be able to identify a financial scam, while 77 per cent believe they are able to keep up with the potential risks surrounding financial scams.

Furthermore, a third of adults in Britain reported they had been targeted by fraudsters but were able to put a stop to the scam. Those over the age of 65 claimed to be the most confident when it came to spotting a financial scam (87 per cent), compared with 76 per cent of 35 to 44 year olds, the group with the least confidence.

The research revealed that fake emails and illegitimate phone calls were the most comment ways for fraudsters to target the victims, accounting for 36 per cent and 35 per cent of all scam attempts, respectively. Although, social media, company websites and text messages were also highlighted as viable methods for fraudsters, with 5 per cent of people having been targeted in each of these ways.

Commenting, Lloyds Bank fraud and financial crime director Paul Davis said: “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. Fraudsters have adapted to changing technology by using ever more sophisticated tactics, making them more difficult to spot.

“We’re encouraging people to talk to friends and family about fraud, so that more people are aware of how to identify the tell-tale the signs of a scam. If you suspect you’ve been a target, it’s important to contact your bank immediately.”

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