In Brief: One in 20 caught out by scammers

Millions of people lost money to scams last year that cost 7 per cent of victims more than £4,000, new figures show.

The Office of Fair Trading revealed yesterday that almost one in 20 UK adults were hit by scams in 2010. Four in ten of those who suffered losses were targeted by money transfer or advance fee scams, which con people into handing over their bank details or paying an upfront fee by convincing them that they are entitled to an inheritance or donating to charity.

Almost two-thirds of victims were caught out by the apparent authenticity of the scam. However, 39 per cent of victims did not report it to the authorities.