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Young people more likely to be victims of fraud


The British Bankers Association (BBA) has claimed that people under the age of 25 are more vulnerable to money transfer scams than any other age group.
BBA, a banking trade body, conducted research which showed that one in six people aged 18 to 25 years would transfer money into a “safe account” if instructed to.

Banks would never suggest a transaction of this kind, and would never use the terminology “safe account”. The BBA have warned that anyone receiving calls from someone claiming to work for their bank, advising that they have had a security breach, then asking them to move money into a “safe account” should hang up the phone immediately, as once the money is transferred it will disappear.

The BBA research advised that 16% of 18 to 25-year-olds could fall victim to the scam, compared with 6% of 45 to 54-year-olds and 7% of people aged 55 and over.

Fiona McEvoy, of the BBA said:

"It will surprise many to learn that younger people could be more vulnerable to the tactics of fraudsters than their grandparents.

"It is important that people of all ages know the language used by these fraudsters so that they can avoid being scammed.

"A bank would never ask you to transfer funds into a so-called 'safe account', even if there has been a security breach."

The financial services industry is now running a campaign highlighting the eight things bank staff will never do. These are:
• Asking for your full Pin number or any online banking passwords over the phone or via email
• Sending someone to your home to collect cash, bank cards or anything else
• Asking you to email or text personal or banking information
• Sending an email with a link to a page which asks you to enter your online banking login details
• Asking you to authorise the transfer of funds to a new account or hand over cash
• Calling to advise you to buy diamonds, land or other commodities
• Asking you to carry out a test transaction online
• Providing banking services through any mobile apps other than the bank's official apps.

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