Reports of financial fraud are becoming increasingly prevalent despite companies taking further action to help customers avoid scams. Scammers are seemingly getting more devious and for those who think it is just the older generations falling victim to scammers – think again

 

New research by Arbuthnot Latham shows that not only are millennials key financial fraud targets, but 1 in 10 have found themselves victims of financial fraud more than once. Moreover, the study shows that men are more likely to be victims of fraud than their female counterparts. 

 

Fraud Vulnerability Among UK’s Wealthiest: 1 in 4 High Net Worth Individuals Report Being Victims, Survey Reveals 

 

  • Becoming a victim of financial fraud is a key cause of financial stress for over half of the UK’s wealthiest. 

  • 1 in 4 High Net Worth Individuals (28%) Report Being Victims of Fraud. 

  • High Net Worth Individuals Aged 35-44 Most Likely to be Victims of Fraud. 

  • 30% of High-Net-Worth Men Have Been the Victim of Fraud vs. 25% of Their Female Counterparts Yet Are Least Concerned They Will be Victims. 

 

New research conducted by private and commercial bank Arbuthnot Latham has revealed that many of the UK’s wealthiest are not concerned by a rise in fraud, despite one in four saying they have been a victim. 

To support fraud prevention amongst the UK’s high net worth, Arbuthnot Latham has explored who among the UK’s wealthiest is most susceptible and addressed their key concerns.  

Nearly a Quarter of High-Net-Worth Individuals Report Being Victims of Fraud 

Just over one in four (28%) of the UK’s wealthiest say they have experienced fraud, yet only half say they are concerned about it. More worryingly, 12% of high-net-worth individuals have been targeted repeatedly, highlighting the persistence of fraudsters.  

Revealed: High–Net–Worth Millennials No. 1 Target for Fraud   

Arbuthnot Latham’s survey dispels common assumptions that older generations are the most susceptible to fraud. In fact, only 17% of high-net-worth individuals aged 65 and over have been a victim. In comparison, 43% of those aged 35-44 have fallen prey to financial fraud and a quarter in this age group have experienced this multiple times.   

Have You Experienced Financial Fraud? 

Under 35 

35-44 

45-54 

55-64 

65+ 

Yes 

18% 

43% 

27% 

28% 

17% 

Yes, once 

18% 

19% 

16% 

15% 

16% 

Yes, multiple times 

0% 

25% 

10% 

13% 

2% 

Almost but managed to avoid it last minute 

55% 

20% 

14% 

15% 

7% 

No, never 

27% 

37% 

59% 

57% 

75% 

The table above shows how high–net–worth individuals in the UK have experienced fraud across a range of age groups based on the results of an independent survey of more than 500 UK residents with a net worth of at least £100,000. 

High–net–worth individuals under 35 are the least likely to fall victim to fraud with more than half saying they have experienced attempted fraud and avoided it last minute.  

Gender Disparity: High–Net–Worth Men More Susceptible to Fraud Than Women, Yet Exhibit the Least Concern 

Arbuthnot Latham’s research uncovered that high-net-worth men are more frequently victims compared to their female counterparts – with 30% reporting scams compared to 25% of women. 

 

However, despite affluent men being a more susceptible target, they express far less concern. Over half of high–net–worth men are not worried about the prospect of becoming fraud victims, compared to 40% of women.  

 
Expert Guidance: Three Key Strategies to Safeguard Against Fraud 

Scammers are constantly finding new ways to try and steal money and information, to ensure financial security, Rob McClaren, Head of Fraud Prevention, Arbuthnot Latham recommends:  

  1. When receiving email payment instructions, it is vital to examine the email address and compare it to any address you have on record to ensure you have an exact match. If you hover over the email address, you might find a different email address underneath. 

  1. Never set up a new payee on your bank account without verifying their details first. Arbuthnot Latham recommend that you do this verbally, either in person, or by calling the number you have on record for the new payee. Do not just rely on the telephone number in the email. 

  1. If you enter a new payee via online banking, and the Confirmation of Payee result does not match the name on the account (or is unable to verify), you should take steps to independently verify the details you have. 

  1. Never disclose security details such as one-time passcodes over the phone. If someone is asking you for a code over the phone or via a chat, it is a scam. You should end the call and speak to your bank, ideally using a different phone. 

 

Data Sources & methodology: Arbuthnot Latham partnered with Atomik Research, an independent market research agency, to survey more than 500 UK residents with investable assets of at least £100,000, which took place between 30 November and 5 December 2023. 60% of respondents have investible assets (excluding property assets) of between £100,000 and £499,000, and 40% have at least £500,000. Investible assets exclude property wealth. Expert guidance has been provided based on responses to this survey highlighting the key financial concerns of the UK’s High Net Worth.  



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