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HomeFinancial PlanningGreater than half of HNW shoppers hit by scams 

Greater than half of HNW shoppers hit by scams 

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Greater than half (53%) of Excessive Web Price people say they’ve been victims of a monetary rip-off – a ten% rise in simply six months.

In line with a brand new research by wealth supervisor and Monetary Planner Saltus Wealth, self-employed HNW people are 1.5 occasions extra prone to imagine they’ve been scammed and twice as prone to have misplaced their cash in comparison with employed respondents.

Girls have been additionally extra prone to be hit by scammers with 60% saying they’d been scammed, though males misplaced extra on common.

General those that say they’ve been scammed misplaced practically £9,000 on common. 

One-in-four HNW people see monetary scams as the largest threat to their wealth.

The self-employed or these with a internet value of greater than £3m have been the probably to have been focused, in keeping with the survey of 1,000 folks with investable belongings over £250,000 and a internet value of not less than £1.5m.

The Saltus Wealth Index revealed that 53% of HNW people stated they’ve been sufferer of a monetary cybercrime – up from 49% six months in the past. 

When rating the largest threats to their wealth, cyber threats have been the fourth largest menace for HNW people – with simply inflation, Covid-19 and trade charges being seen as greater threats. One in 4 rated cybercrime as the largest monetary menace

Of those that had been a sufferer of a monetary rip-off, 36% say they misplaced £8,952 on common. One in 5 (21%) admitted to dropping greater than £10,000 and practically one-in-25 stated they’d misplaced greater than £25,000.

These probably to be focused and lose cash have been the self-employed, the place 74% stated they’d fallen sufferer to monetary crime in comparison with 47% of employed respondents. Some 41% of self-employed respondents who had been focused stated losses averaged £9,272.

The information additionally revealed that the upper the online value, the extra possible the respondent was to say that they’d been hit by scammers. Amongst these with belongings of between £250,000 and £500,000, 36% admitted they’d been a sufferer, however for these with belongings of £3m or extra this rose to 73%. 

Victims with a internet value of greater than £3m misplaced £12,534 on common – nearly £5,000 greater than these with a internet value of lower than £500,000 who had been scammed.

Girls have been extra prone to say they’ve fallen sufferer to monetary scammers than males – with 60% saying they’ve been scammed, an increase of 15% in six months – in comparison with 51% of males. Nonetheless, males who had been scammed misplaced extra – £10,000 on common for males in comparison with £6,000 for girls.

The youthful the respondent, the extra possible they have been to say they’ve been scammed, with three-in-five folks underneath 45 admitting they’ve been sufferer to a monetary crime. This fell to lower than half of these aged 45-54, lower than one-in-five for 55-64s after which rising once more barely to one-in-four of these over 65. Of those that had misplaced cash, these aged 35-44 misplaced probably the most on common – £10,307.

Mike Stimpson, associate at Saltus, stated: “With our analysis displaying that 36% of Excessive Web Price People had misplaced cash to a rip-off, that is now not a problem for a small minority however a really actual hazard to all.

“Monetary advisers know markets, they know when one thing is simply too good to be true they usually have shoppers’ greatest pursuits at coronary heart. In the end, this implies they’re a shopper’s greatest line of defence in the case of securing their funds from scammers.”

Saltus is a wealth administration firm which began as an funding administration agency in 2004. Saltus Monetary Planning was launched in 2015 and the Saltus group now employs over 100 folks and manages £2bn for shoppers.

• The survey was carried out between 28 February and 15 March by Censuswide for Saltus. 




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