Young adults under the age of 25 could be more vulnerable to money transfer scams than other age groups, a banking trade body has said.
Research by the British Bankers' Association (BBA) suggested one in six of those asked aged 18 to 25 would transfer money to a safe account if instructed to. However the BBA said that a bank would never suggest a transfer of this kind. It would also never use the term "safe account". The BBA warned that fraudsters have used tactics such as making a call claiming to be from a bank and saying they were investigating a security breach. They then said the victim should transfer money to a safe account, but the money subsequently disappears. The BBA research suggested 16% of 18 to 25-year-olds could fall victim to the scam, compared with 6% of 45 to 54-year-olds and 7% of people aged 55 and over.....Read more here