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More than one in four adults who have fallen victim to scams admit to feeling too embarrassed to speak up about their experience, with many opting to keep quiet as a result. While 60% of victims report feeling angry after being scammed, others confessed to experiencing feelings of shame and upset, according to a new survey. The poll of 2,000 people targeted by scammers revealed that nearly half have had their money stolen in the past year, with the average victim losing £481.
Marketplace scams, involving fraudulent items for sale, and impersonation scams,where scammers pretend to be someone else, were the most common types of fraud. Meanwhile, romance scams, where fraudsters prey on victims in the guise of romantic relationships, carried the greatest stigma, with 47% saying they would feel most embarrassed to admit being duped in this way.
In an effort to combat the rising threat of scams, international money transfer app, Wise, has joined forces with fraud prevention organisation We Fight Fraud to launch a new initiative called the ‘Scam Safe Space.’ This platform aims to help people share their experiences of scams without fear of judgment, raising awareness and educating others on how to avoid being targeted.
Wise, which claims to be “relentlessly committed to combating scams,” reports that its investment in cutting-edge detection technology has reduced fraud volumes by approximately 70% over the past year. But Aaron Wilson, head of fraud prevention at Wise, explained that prevention necessitates more than just technology.
“While technology can help prevent scams it also requires effective education and talking about your scam experience with family and friends is a great form of education,” he said.
Dr. Nicola Harding, a criminologist who became CEO of We Fight Fraud after leaving a financially abusive marriage with four children at the age of 28, echoed this sentiment. Recently, she spoke with people in Manchester to encourage them to share their scam stories in the hope of helping others spot tell-tale red flags.
“Prevention requires effective education,” Dr. Harding said. “We know that even the most advanced scams tend to involve at least one of a few common red flags. Learn these and you’re in a much better position to protect yourself – and arguably the best way to do so is to hear others’ experiences.”
The research found that 28% of people believe that listening to the stories of scam victims helps them identify and avoid falling for scams themselves. Dr. Harding added that the silence of scam victims is exactly what fraudsters rely on to continue their schemes. “People need to be encouraged to talk, scam silence needs to end,” she said.
However, the study also uncovered barriers preventing scam victims from coming forward. Only 22% of those scammed reported the incident to the police or a fraud prevention service. Of those who didn’t report the fraud, 22% felt that no one would help them, and the same percentage blamed themselves for being tricked.
Aaron added that modern scams are often highly sophisticated and persuasive, targeting a wide range of individuals regardless of their tech-savviness.
“The stereotype of helpless old people being tricked out of their life savings is quite inaccurate,” he said. “We’re calling for real change to break the silence around scam targets. Because ending scam silence is the last thing scammers want.”
