Brits urged to seek financial advice to avoid scams

Four in ten (41%) adults experienced a scam attempt in the last year

Isabel Baxter
clock • 1 min read

Adults in the UK have been urged to seek regulated financial advice to help avoid falling for potential scams.

Research from Canada Life revealed that about half (51%) of UK adults have or know someone who has experienced a financial scam attempt in the last 12 months. The figure equates to about 26.8 million adults. Of these, 3.6 million fell victim to a scam, the provider said. The average amount lost to scams was £4,715 per person, or £17bn as a nation. More than two in five victims (43%)  received all their money back, but more than a quarter (26%) did not recover any of their stolen funds. The top three financial scam types are tax or debt collection (32%), advance fee scam (25%), and ...

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