Some 28 per cent of high-net-worth individuals have been victims of financial fraud, yet only half say they are concerned about it.
Research by Arbuthnot Latham found 12 per cent of HNWIs had been targeted by fraudsters repeatedly.
Only 17 per cent of HNWIs aged 65 and over have been victims of financial fraud therefore dispelling assumptions that older generations are more susceptible to fraud, according to the private bank.
Those aged 35-44 had the highest percentage of victims with 43 per cent having experienced fraud and 25 per cent of this age group had experienced it multiple times.
HNWIs under 35 were the least likely to fall victim to fraud with 55 per cent saying they have experienced attempted fraud but avoided it last minute.
The research also found that HNW men were more frequently victims of fraud compared to their female counterparts, with 30 per cent reporting scams compared to 25 per cent of women.
Despite HNW men being more susceptible to fraud, they express less concern about it with more than half not worried about the prospect of becoming fraud victims, compared to 40 per cent of women.
This comes after UK Finance revealed last week (May 21) that a total of £1.17bn was stolen from victims through financial fraud over 2023.
The total number of authorised fraud cases, where a loss occurred, rose from 207,372 in 2022 to 232,429 in 2023.
In contrast, the number of unauthorised fraud cases were found to have decreased between 2022 and 2023, falling from 2,781,311 to 2,734,934 - a 2 per cent decrease between the two years.
alina.khan@ft.com
