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833 people lose £13.6m to scammers in one year
New data from the government-backed Money and Pensions Service (MAPS) has revealed that consumers have reported losing £13.6m to financial scammers over the past year, an average of over £16,000 each.
MAPS, which provides personal finance guidance to consumers, also runs a dedicated helpline for consumers to report financial scams.
Over the past year (April 2023 to March 2024) MAPS says its helpline data showed that 833 people lost a total of £13.6m due to financial crimes and scams - an estimated average loss of £16,297 per consumer.
Fraud accounted for 9% of the total losses with identity theft responsible for 16%, bank account scams (14%), cyber currency investment fraud (14%), and Authorised Push Payment (APP) fraud (9%).
Fraud now accounts for approximately 38% of all crime in England and Wales and has more than doubled in Scotland over the past nine years.
Some consumers are now getting help on spotting pension fraud from MAPS.
A survey of users for MAPS found that almost three quarters of people (71%) reported that they felt more confident in spotting and managing a potential financial scam after having a Pension Guidance call with MoneyHelper.
MAPS said it would continue to encourage more people to “get in touch” with it to discuss their pension issues.
MAPS’ Pension Guidance service reported positive feedback, with 83% of those who had telephone appointments saying they felt in “more control” of their financial situation.
Customers also said they would recommend the service to others (87%) and that they were thinking about or had already acted around their pension (69%).
Charlotte Jackson, head of guidance services at MAPS, said: “Sadly, financial crimes and scams are rife and it’s awful to see so much money being lost, but hopefully our appointments can give people more security and understanding when it comes to dealing with them in the future.”
MAPS also runs the Pension Wise page on MoneyHelper.
• Survey data was produced by Market Research company, Ipsos MORI. The survey presents data from customers who have been in contact with MoneyHelper from December 2023 to February 2024 (and who have been interviewed from January and March 2024).
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