Britons show greater awareness of finance scams than US citizens

Scammer

An international report surveying people in both the US and the UK has revealed new data on financial crime. The research found that while more than 50% of respondents admitted to being victims of a scam related to money, many are still unaware how to identify various kinds of financial crime and distinguish the differences between them.

As a result, many consumers are of the understanding that the responsibility for any reimbursement rests with their bank. A total of 53% of those surveyed believed they should be automatically reimbursed should they become a victim of a third-party fraud or scam. Furthermore, 77% of respondents in both the UK and the United States added that they would cease to use their bank if they did not receive a refund.

Investment fraud, romance scams and money mules all charted highly on the most encountered criminal activity. Overall, Britons were found to be more aware of potential fraud than their American counterparts. For example, only 17% of UK citizens approached by fraudsters to act as money mules were unaware of the risks involved, compared to 24% in the US.

UK citizens approached by individuals offering investment opportunities will often seek out independent financial advice in Chester, Birmingham and other cities. With experience and a comprehensive understanding of investment, independent financial advisors (IFAs) like wealth managers can help people avoid schemes and scams designed to steal their hard-earned money.

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