Four in ten (41%) UK adults experienced a scam attempt in the last 12 months, with 14% falling victim to the scam, shows new research from Canada Life.

The data also revealed that 26% of scam victims were unable to recover their stolen funds, losing an average of £4,715 each, or £17 billion nationwide.

The top financial scam types included fraudulent tax or debt collection requests (32%), and advance fee scams (25%), where a scammer tells you that you're entitled to cash or an inheritance but require an upfront fee or your bank details.

Another 23% of victims also experienced ‘hello mum' scams, when a scammer poses as the child or grandchild of a victim, requesting an urgent bill be paid.

Most people (40%) have been targeted via email, text or voicemail, otherwise known as phishing.

Julia Peake, tax and estate planning specialist at Canada Life, commented:

"With the cost-of-living crisis continuing to squeeze many households, it's a real field day for criminals and scammers to target vulnerable people. If you experience a scam attempt, or if you fall victim to one, the best thing you can do is to speak up and report it."

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