Half (50%) of individuals aged 65 and over have reported that they have been contacted by criminals attempting to scam money, True Potential has revealed.

In analysis of data collected by the wealth management and investment technology provider, it was found that almost half (46%) of Brits believe they have been contacted by individuals attempting to perpetrate financial scams, with a third (34%) of people aged 18-24 years old also stating that they have been contacted by scammers.

True Potential added that there is a "worryingly low" reporting rate of attempted financial scams.

It was found that of those who said they had been contacted by individuals attempting to perpetrate a financial scam, only 23% reported the attempted. For those aged 18-24 years old, this number drops to just under 15%.

The analysis comes of the back of data from UK Finance last year, which found that UK consumers lost £580m to fraudsters in the first half of 2023, with True Potential stating that this serves as a "stark wake-up call for individuals to take decisive steps in safeguarding their finances".

Head of advice at True Potential, Neil Rayner, said: "The concerning findings from our recent polling underscore the pressing need for heightened awareness and action against financial scams. It's imperative that consumers remain vigilant and proactive in protecting themselves from potential fraudsters. As ever, people should seek professional, regulated advice when making key financial decisions.

"Campaigns which seek to address low levels of financial literacy, like our on the money campaign, are also essential if we wish to equip individuals with the knowledge and skills necessary to successfully identify and avoid financial scams.

"The significant age disparity revealed in our data also highlights the importance of tailored education and outreach efforts to address the specific vulnerabilities faced by different demographics. Moreover, the alarmingly low reporting rate of attempted financial scams is deeply troubling, indicating a systemic gap in our collective response to combating fraud."

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