The Bank of Scotland have issued a warning about ‘increasingly sophisticated’ fraud schemes targeting younger and older generations.
New research published by the bank has revealed that 89 per cent of Scottish parents are worried about a family member falling victim to fraud, and that they now play a crucial role in protecting people at risk of scams.
In what the bank is labelling the ‘Scamwich Generation’ – people with elderly parents and children - the research also stated that 65 per cent of people have become less confident about being able to spot fraud schemes. It also showed that 43 percent believe the risk of family members falling victim has increased during lockdown due to them spending more time online.
In order to combat this, The Bank of Scotland have issued a cautionary warning to its customers, and highlighted ‘the scamwich generation’ as the ones who will be fighting on the front line to protect their loved ones from fraudulent vulnerability.
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Philip Robinson, Fraud Prevention Director at Bank of Scotland said their 'Fraud Hub' now has resources to help educate family members of fraud and help advise people on how to spot them.
He said: “Lockdown has placed increased pressure on the ‘Scamwich Generation’ of parents and many feel responsible for protecting their loved ones.
“Fraud is on the rise and scams are increasingly sophisticated, so it’s understandable that parents are worried about their relatives falling victim.
“We recognise the important role this generation plays on the frontline fight against fraud, ensuring their family members are safe, and we’re committed to helping customers to continue to do so.”
The scams which are most likely to be attempted are impersonation scams, or invoice and mandate scams where people risk being tricked into changing their payment details for an invoice or direct debit.
Research carried out, also highlighted that the middle-aged group who feel responsible for protecting their friends and family have to spot different fraud schemes for both generations.
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It is understood that Scottish parents are more concerned with scams via social media and text for the younger age groups, whilst they are concerned with phone call and email scams for their older parents.
As well as their warning, The Bank of Scotland also aimed to reassure customers by informing people that they have a ‘dedicated team working 24/7 365 days a year to fight fraud.’
For more information you can visit their website to contact them.
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