Scams saw a sharp increase towards the end of 2024, with one bank suggesting that new AI technology could be driving the rise.
New research from NatWest has found that 42 percent of British adults were targeted by scammers last year.
The national survey of 2000 people found that £570 million was reportedly stolen by scammers between January and June, with young adults the most likely group to be targeted.
Scams involving fraudsters impersonating friends or family to request money, often via email or social media, have become some of the fastest-growing schemes.
Other widespread scams include fake event tickets, bogus grants claiming to ease the cost-of-living crisis, and fraudulent social media marketplace ads for non-existent products.
However, more worryingly, AI voice cloning scams were the third fastest growing scam, and 86 percent of respondents said they were worried that “rapid developments” in artificial intelligence will help criminals find new ways to trick victims.
“AI voice cloning scams are a relatively new form of fraud where scammers use advanced tech to imitate someone’s voice which can be pretty convincing,” said Stuart Skinner, NatWest’s Fraud Expert.
“If you get a call that sounds like it’s from a friend or family member asking for money or personal info, take a pause.”
One way to check the caller’s legitimacy is to hang up on the caller and ring them back on a number you know is definitely theirs.
Martin Richardson, senior partner of National Fraud Helpline, warned that people should not trust a phone number just because thet recognise it.
He said: ‘Scammers are able to clone phone numbers so do not rely on that as a check on who someone is.
‘If you are worried about who is really contacting you ask them a question that noone else would know the answer to.’
Although fraudsters’ tactics have evolved, the survey revealed that the public’s confidence in protecting themselves against scams has risen by 29 percent compared with 2023.
A key way to protect yourself from scammers is to familiarise yourself with your bank’s security protocols.
Have you lost money to a scam? Contact National Fraud Helpline. Call 0333 0033218 or fill out our Claim Form.