Younger people are at a higher risk of falling victim to investment scams, according to new research from Lloyds Bank. The research reveals that people aged under 45 now account for 70% of all reported investment scams.
Ahead of the tax year’s end and the ISA deadline, how can Brits who are keen to make of their £20,000 ISA allowance protect themselves? Read on to find out.
What’s the latest news on investment scams in the UK?
According to Lloyds Bank, 18-24-year-olds are the most likely to be victims of an investment scam, accounting for a quarter (25%) of all investment scam cases.
Younger investors who have been duped say they were lured by fake social media ads promoting cryptocurrencies and ‘meme stocks’.
Despite the fact that 18-24-year-olds are the most likely to fall victim to an investment scam, the largest increases in scam cases in the last 12 months have been recorded among those aged 35-44. According to Lloyds Bank, cases among this age group have increased by more than half (52%).
Meanwhile, cases among people aged 25-34 have increased by nearly a quarter (24%).
How much does the average investment scam victim lose?
The average amount lost per victim is £8,585, which is lower than the amount recorded the previous year (£10,217).
However, the amount…
