Fraudsters target young victims with investment scams: Under 25s now make up a quarter of all cases and are being urged to dodge fake adverts
- Investment scam victims lose around £8,585 on average
- Younger investors lured by fake crypto and meme stocks
- Based on analysis of all investment scams reported by Lloyds Banking Group
Under 45s now account for seven in ten of reported investment scams, according to new data from Lloyds Bank.
Those aged under 25 are most likely to fall victim to an investment scam, making up around a quarter of all cases.
Many younger duped investors said they were lured by fake adverts on social media promoting cryptocurrencies and meme stocks.
Lloyds Bank is warning would-be investors that scammers will exploit any new opportunities to trick victims into parting with their cash.
A meme stock refers to shares in a company that have gone viral, quickly increasing in value as a result of its popularity amongst retail investors. The activity is usually coordinated through online chat forums and social media.
Liz Ziegler, retail fraud & financial crime director at Lloyds Bank, said: ‘The organised criminal gangs behind scams are constantly evolving their tactics to exploit new trends and trick more…