28% of Brits have fallen victim to scams in the past 12 months, according to new research by Wise, the international money app. This equates to 15 million Brits being scammed, highlighting the urgent need for increased awareness and protective measures as scams become more sophisticated.

The independent research, which saw Censuswide poll 2,000 UK adults, reveals that among those scammed, 17% reported a significant financial impact, and 10% have had to delay their retirement plans as a result. 

Furthermore, over two-fifths (41%) of Brits have been contacted by a scammer within the past year. This is causing widespread anxiety. Barely half of all respondents (49%) are confident they would know what to do if scammed - yet 85% expect to be scammed in the future.  

To help Brits protect themselves from being scammed, supported by financial crime prevention specialists We Fight Fraud, Wise has launched the Royal Academy of Scamatic Arts, or ‘RASA’. The Academy launches with a series of videos that go behind the scenes of the fictional institution, it focuses on five of the most common types of scams: impersonation, rental, employment, investment and marketplace. 

The Academy aims to educate pupils in the key, time-honoured techniques that scammers use - even as their tools become more sophisticated. By learning these techniques, it becomes easier to spot the consistent red flags that scams display. 

Tony Sales, Chief Innovation Officer at We Fight Fraud, and a former fraudster. Sales resolved to help people to protect themselves from financial crime when serving a prison sentence and has since become an internationally leading fraud expert.  

Sales said: “While scammers are using increasingly sophisticated means to steal people’s money, there are red flags that may indicate whether something is a scam. 

“Scammers tend to offer something that is too good to be true, say an unreal investment return. They will often put you under pressure to act quickly before you can discuss with others or check with a trusted source. They may also try to take the payment away from a ‘legitimate’ site. Before making a payment, take time to stop, think, seek advice and, if you are concerned you’ve been scammed, protect yourself by contacting your financial provider and Action Fraud.”

Wise is committed to fighting financial crime. The company has invested significantly in machine learning models that help spot and prevent fraud and scams, operates 24/7 phone support for those concerned about scams and offers a range of customer-facing features to keep customers safe. This includes secure communication codes, unique to each customer, so they know they are being contacted by Wise rather than an impersonator. 

Aaron Wilson, Fraud Prevention Lead at Wise, said: "Education is key to preventing scams. This year, we've seen a significant reduction in the amount of scams on our platform, thanks to our investment in scam prevention. However, awareness and education are the most effective way to stop scammers. By partnering with We Fight Fraud and launching this campaign, we are committing to educate our customers and the wider public on how to stay safe.”

The research indicates that scammers are not just relying on pressure tactics - reported by 19% of respondents - or intimidation, as noted by 15%, but are increasingly using more complex methods. A quarter of those scammed in the past year were caught completely unaware, with one-in-eight describing the ruse as particularly sophisticated. 

Looking ahead, 60% of respondents expressed concern that advancements in AI would make scams harder to detect.