Bank fraud threat to millennials

Millennials are in the most likely age group to fall prey to bank fraud, a new study reveals.

Data from Lloyds Bank shows that victims aged 18 to 34 are losing an average of £2,630 to scams, which typically involve crooks pretending to be banking staff, the police or HM Revenue and Customs.

People over 55 are still handing over the most money out of any age group – with £10,716 reaching the fraudsters per scam on average – but they are less likely to be duped than younger people.

Despite losing less money when swindled, more millennials have lost out financially. The number of them being tricked has almost quadrupled.

There are more than three times as many people aged between 45 and 54 being scammed than those over 55, according to the figures. Lloyds revealed that people in this age group are being tricked out of an average of £3,573 per fraud.

Younger people are thought to be conned at a faster rate because they use online banking more frequently.

Greater awareness among older people is also thought to have driven fraudsters to seek out new groups and tactics.

Paul Davis, fraud and financial crime director at Lloyds Bank, said: “Being a victim of fraud can have devastating effects not just on people’s finances, but also their lives.

“While we are working 24/7 behind the scenes to protect customers and millions of pounds have been frozen, every day fraudsters are trying to trick people into handing over their personal information, like a PIN or password, or transferring cash.”

Gareth Shaw, head of money content at consumer group Which? said all banks and payment providers should sign up to a new voluntary code that offers greater protection.