2nd January 2015
Young people are most vulnerable to financial scams such as requests to transfer money to a ‘safe account’.
Research by the British Bankers’ Association (BBA) said those aged 18 to 25-years-old were the age group most at risk of falling for scams with one in six (16%) saying they would transfer money to a ‘safe account’ if they were instructed to by a bank. This is compared to just 6% of those aged 45 to 54-years old and 7% of people over-55 who said they would transfer money if requested.
This is just one of the tactics used by fraudsters to con individuals. The scam typically involves a phone call from the fraudster to the victim claiming to be from the bank saying there has been a breach of security. The victim is then asked to transfer money to a safe account, which then disappears.
The BBA said banks would never suggest a transfer of this kind or use the term ‘safe account’.
A spokeswoman for the BBA said: ‘It will surprise many to learn that younger people could be more vulnerable to the tactics of fraudsters than their grandparents.
‘It is important that people of all ages know the language used by these fraudsters so that they can avoid being scammed. A bank would never ask you to transfer funds into a so-called ‘safe account’, even if there has been a security breach.’
The fake transfer scam is one in a long-list of frauds that are recurring and which consumers should look out for. Other fraud tactics include: