One in five people in the UK have fallen victim to fraud in the past year, according to a shocking new study.
The Citizen’s Advice Bureau (CAB) who conducted the research also found that two-fifths of those that were scammed had to borrow money or take on more debt after as a result of being conned.
On top of this the study found one in five people had to take on extra work to make up for their losses while 24% ended up borrowing from family and friends.
The research found that three-quarters of the fraud started on social media.
According to the CAB study nine millions Brits have fallen victim to fraud in the past 12 months.
Martin Richardson, of National Fraud Helpline, said: ‘Fraud and scams are rife in the UK. That is why we’re calling it a scamdemic. There’s a fraud epidemic that urgently needs addressing.
‘These latest figures are shocking but don’t come as any suprise to us unfortunately. Fraud and scams are everywhere.
‘We are determined to lead the fightback against fraud with new technological anti-fraud innovations, scam awarenss campaigns and changes made at Parliamentary level.
‘Everyone needs to come together to fight the disease of fraud.’
CAB said that it found that the most common financial scams included fake debt advice being offered on social media, scammers posing as a ‘friend in need’, pension scams, investment scams and parking QR code scams in which stickers with bogus codes are placed over genuine ones at car parks.
Dame Clare Moriarty, chief executive of CAB, said: ‘Anyone can fall victim to a scam and we know scammers aren’t only targeting those looking to invest money, but also those simply going about their day-to-day lives.
‘It’s particularly worrying to see the impact on people’s finances afterwards, especially if they have to borrow to get by.
‘It’s important for us all to be on our guard – if you’re not sure about something, take your time and get advice.’
Have you lost money to a scam? Contact National Fraud Helpline. Call 0333 0033218 or fill out our Claim Form.