A recent study conducted by an expert in payment monitoring and authentication has uncovered that every second, a loss of £95 to fraudsters is reported to the authorities in the UK. Data from fraud reports between July 2021 and June 2022 was collated and studied and found that for the British public, fraud is considered a part of daily life.
The researchers believe that their findings only tell a small part of the story, as it is believed that fewer than 20 per cent of fraud incidents are ever reported. The study also found that the average loss for each victim was over £8,000, adding up to a multi-billion-pound fraud economy in this country.
The data uncovered by the report shed light on the most common ways that criminals are targeting their victims. Out of all categories, financial investment scams caused the most significant amount of monetary damage. Reported losses for investment fraud were recorded as being over £409 million for the period examined. The report commented that increased use of online services and less face-to-face contact had made it even easier for criminals to prey on their victims and evade detection.
Investors who fear that an opportunity to earn revenues might not be what it appears often seek out expert financial advice in Chester, Manchester and other cities. As experienced independent financial advisors, wealth managers can be called upon to assess the legitimacy of investment schemes to help UK consumers avoid the malicious ploys and practices of fraudsters.
