A new report has revealed that, over the last three months, around 73% of British consumers were targeted by financial scams, with one out of every four approached falling foul of fraudsters. Sophisticated scams and schemes can lead to considerable monetary loss and are often framed as profitable investments by swindlers.
UK savers and investors seeking to avoid the pitfalls of schemes designed to part them from their funds often seek independent financial advice in Chester, Birmingham and other UK cities. Offering expert and impartial advice, wealth managers often aid their clients by assessing the legitimacy of investment opportunities.
The report found that since the start of May, hoodwinked Britons had suffered total financial losses of almost £8 billion. While popular scam topics involved fake energy discounts, free holidays and bogus tax rebates, many criminals used investment opportunities as a framework for their fraudulent activities.
According to the report, a common denominator in fake investments was the use of sham endorsements by celebrities and respected individuals to lure in victims. The research also uncovered that fake cryptocurrency investment scams represent over a third of the schemes aimed at consumers. In many cases, these scams were supported by bogus testimonials on social media that enticed victims.
However, the report also discovered that UK consumers are becoming more vigilant than in previous years. Around 50% of respondents cited the current cost of living crisis as the reason why they are more alert to potential scams and schemes.