Home News WhatsApp Fraudsters Target Those Under 35 Years Old

WhatsApp Fraudsters Target Those Under 35 Years Old

WhatsApp Fraudsters Target Those Under 35 Years Old

People under 35 are becoming the “prime target” for scammers tricking them into transferring money through social media platforms including WhatsApp.A banking industry body said intelligence suggested younger people were particularly hit by scams that played on their trust.

UK Finance also warned that energy bill deals and tax scams were becoming more common as the cost of living rises.

Criminals were “building on people’s fears” of rising prices, it said.

The banking industry body said that while people of all age groups are falling victim to scams, “it is younger age groups that are often the prime target”.

“Our research found that people under 35 are more likely than older age groups to have been targeted in an impersonation scam and be swayed to provide personal or financial information,” it said.

Data from Barclays this month also showed people aged 21-30 were the most likely age group to fall victim to scams, due to the majority taking place on social media, shopping sites, and dating apps.

UK Finance added that con artists were targeting all age groups by exploiting “weaknesses outside of the banking system”, through online and social media platforms.

If you’ve had money taken from your account, or your bank details stolen and payments made, then you’re protected by law.

Ultimately your bank should refund that money so they have a big incentive to crack down on that type of crime.

It’s working, with a fall in the number of unauthorized transactions, and record amounts of theft prevented.

The bad news for customers is that the area that is most difficult to police and prevents is the area of fraud that’s growing fastest.

If you are conned into making a payment, an investment, or a transfer, then you’ve not got the same legal financial protections.

You should still get in touch with your bank immediately, they may be able to chase the payment, and possibly return it, and some will make goodwill money back gestures, but they are not obliged to.

With younger people being targeted more by these types of scams, and often more likely to fall for them, it’s worth repeating the advice to just think for an extra second.

Pause those speedy fingers, and don’t give your details straight away.

The type of scams criminals were using against people was evolving, the industry body said.

Fake delivery texts asking for payment or NHS Covid-19 pass scams during the height of the pandemic were now being replaced by schemes focusing on cost-of-living challenges, it said.

Criminals were now posing as different organizations ranging from the NHS to banks and government departments via phone calls, text messages, emails, fake websites, and social media posts.

A type of fraud where people were duped into sending money and personal details surged 39% in 2021 compared with 2020 to £583m, UK finance said.

This kind of fraud, known as Authorised Push Payment fraud (APP) – when victims think they are paying a genuine organization – is on the rise, and outstripped fraud losses on bank and credit cards, which fell by 7% in 2021, for the first time.

However, less than half (47%) of the £246.8m worth of losses were returned to victims of APP fraud.

The banking trade body said impersonation scams, along with investment and so-called “romance” scams were the “most pernicious and prevalent”.

Investment fraud cases surged by 57% and impersonation scams rose 36% on 2020.

Investment scams, where a criminal convinces their victim to move their money to a fictitious fund or to pay for a fake investment, accounted for the largest proportion of losses APP crime in 2021, with losses increasing by 60% to £166.2m.

Meanwhile, money lost through so-called romance scams, where the victim is persuaded to make a payment to a person they have met, often through social media or dating websites, and with whom they believe they are in a relationship, more than doubled in 2021 to £30.6m.

Payment service providers were only able to return £12.6m – 41% – of the losses from romance scams, mainly because payments were made over an extended period of time and criminals had moved money by the time the crime was reported.

Overall, £1.3bn, the most on record, was stolen through fraud in 2021, an 8% increase from the year before.

Rocio Concha, Which? director of policy and advocacy said the scale at which people were experiencing authorized push payment scams was “shocking”.

“Yet all too often victims face a reimbursement lottery depending on who they bank with,” she said.

“The government has announced its intention to enable mandatory reimbursement for bank transfer victims who are not at fault and this needs to be brought in as soon as possible.”

TSB told the BBC it refunded 98% of its fraud cases in 2021, compared to 47% across all banks.

Paul Davis, director of fraud prevention at TSB, said it was “disappointing that the industry’s fraud refund rate has barely increased with over half the money stolen by fraudsters still not refunded to victims – at a time when people’s finances are already squeezed by a cost-of-living crisis”.

Katy Worobec, managing director of economic crime at UK Finance, said there had also been a hike in investment scams where criminals set up fake cryptocurrency websites featuring celebrities supposedly endorsing them on social media.

She said upcoming legislation – the Economic Crime and Corporate Transparency Bill – provided an opportunity for the government “to give new powers on information sharing and tracking stolen money”.

“These are things we have long called for and will support efforts to work together and stop the fraud happening in the first place,” she added.

The Dedicated Card and Payment Crime Unit, a specialist police unit that targets the organized criminal gangs behind the fraud, prevented £101m of fraud in 2021 – the largest amount in the unit’s 20-year history, UK Finance said.

The industry body is urging customers to follow the advice of the Take Five to Stop Fraud campaign, and remember that criminals are experts at impersonating people, organizations, and the police.


Canon India Appoints Manabu Yamazaki As New President & CEO

Canon India Pvt. Ltd., the global leader in imaging technologies, announced the appointment of Manabu Yamazaki as the new President & CEO.

Long COVID: Why This Should Matter to HR

“Long COVID” is a term used to describe the long-lasting impact that COVID-19 can have on a person, many months after they first contract it.

Third of Employers Say Remote Working Has Boosted Productivity

According to new research by the CIPD, employers have largely seen a benefit in productivity due to the shift to remote working.

US Economy Grew Robustly in First Quarter

GDP grew at a 6.4% annual rate in the quarter, leaving the economy within 1% of its peak.

Asia-Pacific Markets Broadly Lower As Investors Turn Cautious

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.

Latest posts