Research shows 5.2 million people have fallen victim to scams during coronavirus crisis

Research carried out by insurer Canada Life has revealed that 5.2 million people in the UK have fallen victim to scams during the coronavirus (COVID-19) pandemic.

Canada Life's research showed that the most common financial scams are banking scams, followed by insurance scams and pensions scams.

Victims lost an average of £566 per scam, the research found. 48% of people surveyed said that the scams are so convincing they are difficult to spot. 55% stated that falling victim to a scam has taken a toll on their mental health.

Commenting on the research, Andrew Tully, Technical Director at Canada Life, said: 'Falling prey to a scam can be devastating, not only for the individual involved but also for their family and friends.

'The COVID-19 pandemic has provided a fertile opportunity for 'lowlifes' to prey on not only the vulnerable but also people who are worried and anxious about both their health and their wealth.

'We all need to be on our guard for any signs of fraudulent activity as scammers continue to evolve and adopt ever more sophisticated and ingenious ways of encouraging people to part with their hard-earned money.'

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Robert S Boys Chartered Accountants
28-30 Grange Road West
Birkenhead
Wirral
Merseyside
CH41 4DA


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Robert S Boys is the trading name of Robert S Boys Ltd. Robert S Boys is registered in England & Wales. Registered office address: 28-30 Grange Road West, Birkenhead, Wirral, Merseyside CH41 4DA. Registered in England No: 07478154.

In accordance with the disclosure requirements of the Services Regulations 2009, our professional indemnity insurer is Partner Re Ireland Insurance Limited (Underwritten by on behalf of Nexus Underwriting Ltd) 150 Leadenhall Street, London, EC3V 4QT. The territorial coverage is worldwide excluding professional business carried out from an office in the United States of America or Canada and excludes any action for a claim brought in any court in the United States of America or Canada. We are registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and details about our audit registration can be viewed at www.auditregister.org.uk, under reference C006982141.