Millennials most likely to fall prey to bank fraud, Lloyds reveals

New statistics also show over-55s lose the most money per scam Normally

Millennials are falling prey to scams involving handing cash to fraudsters more than any other age category, according to Lloyds Bank.

New data demonstrates that victims aged 18 to 34 are dropping an average of 2,630 to frauds, that generally involve porting banking employees, the police or HM Revenue and Customs.

People over 55 are still handing around the maximum money from any age group — with #10,716 reaching the pockets of the fraudsters per scam on average — but are less inclined to be tricked, with a slowdown in the amount of complete scams.

Despite losing money when scammed, more millennials have dropped out financially, together with the amount of them being scammed rising nearly fourfold.

There are more than three times as many individuals aged between 45 and 54 being conned out of money than people above 55, according to the statistics. Lloyds revealed that individuals in this age category are being scammed out of a mean of #3,573 per fraud.

Younger individuals are thought to be duped at a much quicker rate than their peers due to their greater usage of online banking, which has increasingly been seized upon by scammers.

Greater awareness among older people is also thought to have driven fraudsters to new classes and tactics.

Paul Davis, fraud and financial crime director at Lloyds Bank, stated:”Helping to keep our clients’ money protected is our number one priority. Being a victim of fraud can have devastating consequences not only on people’s welfare, but also their lifestyles.

The figures come as the bank launches a brand new multimedia effort to crack down on scams, including a TV advert that will broadcast from Monday.

Davis added:”Our new campaign will help people to recognise the signs by reminding them that we will never call and ask them to transfer money to another account. The further we all know about spotting scams, the more powerful we will all be.”

Gareth Shaw, thoughts of money content at consumer group Which? , said:”Anyone of any age may fall prey to a lender transfer scam, as fraudsters use increasingly sophisticated tactics — and folks are losing life-changing amounts of money every day consequently.” He added that banks and payment suppliers should sign up to a new voluntary code that offers better protection to their customers and scam victims.