A financial scam was committed more than a million times in the UK in the first six months of the year – once every 15 seconds.
The figures from Financial Fraud Action UK represent a 53 per cent increase compared to the same period last year.
They are released as FFA UK joins forces with major banks and financial services providers to launch a national campaign to combat financial fraud.
‘Take Five’ aims to give advice to help prevent people and businesses succumbing to financial scams.
Katy Worobec, director of FFA UK, said: “Banks and other financial service providers work hard to protect their customers, using highly sophisticated security systems.
“Last year, banks stopped £7 in £10 of attempted fraud from happening. But as the banks’ systems get more advanced, fraudsters turn their attention elsewhere and sadly this often means tricking people out of their personal details and money.
“Alongside the banks, people can also play an important part in helping us to stop financial fraud and protect themselves.
“We are asking people to take five – to take that moment – to pause and think before they respond to any financial requests and share any personal or financial details.”
Backing the campaign, Home Office Security Minister, Ben Wallace, said the impact of financial fraud can be devastating on victims, with fraudsters using increasingly cunning and convincing tactics.
“They prey on people who are trying to get on with their lives but in a moment where they are busy or distracted become vulnerable.
“The message of the Take Five campaign is don’t be hurried or hustled, take a moment before you give out any personal information.
“At the same time, the government is working closely with law enforcement and the banking sector through the Joint Fraud Taskforce to take action to stop the organised criminals behind financial fraud.”
Almost three quarters (73 per cent) of people claim they are aware of the methods fraudsters use.
Yet, at the same time more than a quarter (26 per cent) of people admit they still provide personal details to people claiming to be from their bank even if they do not think they should.
The most common reason for respondents sharing their details was because they felt the person seemed genuine (43 per cent) while almost four in ten (39 per cent) said it was because they felt pressured.
Almost four in ten (38 per cent) also said it was because they were busy/in the middle of something and wanted to get them off the phone quickly.
Of those who have been a victim of financial fraud, almost a quarter (24 per cent) admitted the main reason was because the fraudster was extremely convincing.
More than a third (37 per cent) of people thought they were being scammed during the conversation but still continued with the transaction and almost a quarter (23 per cent) realised after the conversation had finished.
Darren Cooke, director at Derbyshire-based Red Circle Financial Planning, said: "These are truly shocking numbers. Its not just vulnerable people who get scammed either, intelligent aware people get caught out by these scammers. They can be very convincing and sophisticated particularly where they have obtained some of your personal details already.
"We need to get the message out there that if you get a cold call asking about your pension, savings or investments put the phone down its likely to be a scammer after your money."
laura.miller@ft.com
