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UK’s wealthiest consider financial fraud one of the biggest sources of financial stress, study shows

By Puja Sharma

June 05, 2024

  • APP Fraud
  • Financial Fraud
  • Financial Fraud Management

Identity Fraud, Fraudulent Transactions, Fraud Management, USAFraud vulnerability among UK’s wealthiest: 1 in 4 high net worth individuals report being victims, according to a study.

  • 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.

A 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.

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.

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 recommended:

  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.
  2. 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.
  3. 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.
  4. 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.

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