Cost Of Scams On Wellbeing Calculated As £9bn A Year, Expert Weighs In

BACKGROUND:

Cost Of Scams On Wellbeing Calculated As £9bn A Year, ExpeA study by Which? has found that the impact of scams on victims’ wellbeing far outweighs the financial impact. The average cost to wellbeing per victim amounts to over £2,500, compared to an average financial impact of £600.

Experts Comments

October 19, 2021
Tony Pepper
CEO
Egress

Online scams can cause financial harm, but it’s time to count the cost of the emotional damage suffered by victims too. Phone, text and email scams are becoming more difficult for victims to spot, with cybercriminal gangs exploiting technology and social engineering to trick their targets into transferring them money or sharing their personal data. Fraudsters will play on human emotion, using deception, fear or intimidation to coerce their victims.

It can be extremely distressing to be the

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Online scams can cause financial harm, but it’s time to count the cost of the emotional damage suffered by victims too. Phone, text and email scams are becoming more difficult for victims to spot, with cybercriminal gangs exploiting technology and social engineering to trick their targets into transferring them money or sharing their personal data. Fraudsters will play on human emotion, using deception, fear or intimidation to coerce their victims.

It can be extremely distressing to be the victim of fraud, and victims often feel that their confidence has been shaken, and many feel embarrassed that they have been duped. Additionally, victims often feel deep anxiety over any financial damage caused. Greater awareness would go a long way in helping the general public to be more aware of the techniques being used by criminals, so that they are better equipped to defend themselves.

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