Around half (49%) of people aged between 18 and 24 have been contacted by a scammer impersonating someone else, new research from UK Finance has indicated.

This compares to just a third of people (32.5%) over the age over 55 who have been contacted.

Of the 18 to 24-year-olds targeted, the majority (52%) said they had shared personal information or made a payment as a result of the request.

UK Finance figures have shown that over £1.2bn was stolen through fraud in 2022. There were 45,367 cases of impersonation scams in that time, costing a total of £177.6m to scam victims.

An impersonation scam is where a criminal contacts someone pretending to be a person or organisation they trust. UK Finance has warned that the scams can be “very sophisticated” and often start with attempts to trick people into disclosing personal and financial information. Criminals then use this information to impersonate someone they might trust, making it seem genuine.

According to the research, young adults aged 18 to 24 were also at least the most confident of any age group in their ability to identify a scam, with 91% saying they were confident they would be able to spot a fake request for personal information online.

However, UK Finance warned that this level of confidence could put these people at risk, as just 27% said they will always take steps to check if the organisation or person can be trusted when asked for personal information out of the blue. This was in stark comparison to older age groups, with over 60% of over-55s saying they always take steps to check out unexpected requests.

“Criminals who commit fraud are willing to target us all and they don’t need much information to create an identity online,” said managing director of economic crime at UK Finance, Ben Donaldson. “They can then use that identity to steal our money and fund other crimes, which causes huge damage to both individuals and society.”

Senior personal finance analyst at interactive investor, Myron Jobson, commented: “It could be the case that younger generations often grew up with social media and online communication, where trust in online interactions is the norm. This trust can make them more susceptible to scams disguised as friendly or official messages. Also, many young people are just starting their financial journeys, which can make them less cautious when it comes to financial transactions, investments, or sharing personal information.”

Jobson added: “While scammers might change their approach depending on how old their victim is, they don’t discriminate by age – so we all need to be on our guard. To protect yourself, it's essential to remain vigilant, verify the identity of individuals or organizations contacting you, and never rush into financial transactions or sharing personal information without thorough verification.”

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