Which? analysis shows £28,000 lost an hour in bank transfer fraud
Helen Morrissey, senior pensions and retirement analyst at Hargreaves Lansdown, comments on the publication of the Which? analysis shows £28,000 lost an hour in bank transfer fraud.
Key points from publication:
- Which? analysis shows between July 2019 and the end of June 2021 £854m was lost during 306,573 cases of bank transfer fraud.
- Only 42% of losses were reimbursed meaning £495m has not been returned. This equates to £28,203 being lost an hour.
- This kind of fraud usually involves fraudsters tricking victims into making large bank transfers to them
- An example could be a fraudster posing as someone from your bank saying you have been a victim of fraud and you need to move your money quickly to another account for security.
Helen Morrissey says:
“This data shows the terrible human cost of scam activities with over £28,000 lost per hour – more than the average person earns in a year – in just one type of fraud. It is traumatic enough being tricked out of your hard-earned money but then to find you will not be reimbursed is a dreadful situation that can have long-lasting impacts on people’s financial resilience. The government must move quickly on its commitment to mandatory reimbursement.
“Scammers are real shape shifters and are ready to change their tactics depending on the situation. There is no part of your finances that are safe from them whether it be savings, investments or your pension. It is vital to remain vigilant.
“Beware if you are contacted out of the blue by someone saying you need to make a speedy financial transaction. No-one has the right to demand you move your money and certainly no bank would pressure you to make a speedy decision. If you feel pressured do not be afraid to terminate contact with the person and find an alternative number to contact your bank to discuss what is going on.
“This can be used more widely too. If you feel you are being pressured to make a financial decision by anyone saying they are from a bank, charity, financial adviser, solicitor or other tradesperson then do not be afraid to terminate contact and take the time to do some research before parting with your money.”
Kindly shared by Hargreaves Lansdown
Main photo courtesy of Pixabay
