Young professionals trying to make and save money to cope with the soaring cost of living are at risk of being exploited by scams, banks have warned.
They are being targeted on social media by scams which claim to offer a money-making investment opportunity.
Younger people are particularly vulnerable to these cons as they try to boost their income to pay rising bills, according to banking group UK Finance.
Safety groups have also warned about dangerous, cheap, second-hand goods.
Young people are being approached on social media with offers of investments that are said to bring quick, high returns.
Fraud prevention service Cifas said that fraudsters quickly directed victims off these platforms to private emails or accounts, where their details and money were then stolen.
A survey by UK Finance suggested that more than a third (34%) of 18 to 34-year-olds said they would respond to an unprompted approach from someone offering an investment opportunity or a loan, with 30% saying they might also provide their personal or financial details to secure the arrangement.
“The rise in the cost of living can be worrying and stressful and for many, keeping on top of finances might be a struggle,” said Katy Worobec, managing director of economic crime at UK Finance.
“It’s important for everyone to be conscious of criminals taking advantage of people’s anxieties around finances by staying alert for fraud.
“We encourage everyone to follow…
