High Net Worth Individuals Lost an
Average of £9,499 to Scams in 2024

HNWIs are individuals with assets exceeding £250,000, making them a prime target for scammers looking to get their hands on victims’ money.

In the year to February 2025, one in three (33%) high-net-worth individuals (HNWIs) who responded to the Saltus survey said that they had been victims of a cybercrime. One in ten reported that the scam had occurred within the past six months. This is, however, a decrease from 2024, when 41% of respondents reported having been scammed.

Unfortunately, the amount lost to scammers in the year to February 2025 was not insignificant, with an average of £9,499 per individual and:

• Almost a quarter of victims (23%) lost more than £10,000
• Six per cent lost over £25,000

Social media was the most common method used by scammers to approach victims, with 30% of respondents indicating that this is how their scam had started. Platforms like WhatsApp, Facebook, and Instagram are magnets for cybercriminals looking for victims; in just one scheme, 6,000 people lost money as a result of deepfake advertisements they saw on social media.

A spokesperson from Saltus commented on the report, warning that data breaches like the recent one suffered by retail leader Marks & Spencer could also lead to a push from scammers to target individuals with bigger bank accounts:

“We could well see a rise in phishing attempts, impersonation scams and fraudulent messages claiming to be from trusted brands in the short term.”

Unfortunately, these types of scams are not uncommon and can affect people of all ages, incomes, and financial circumstances, not just those with high wealth and net worth. Many involve an element of what is known as Authorised Push Payment (APP) fraud.

APP fraud is a type of cybercrime where victims are tricked into sending money to scammers via their bank account. Scammers employ social engineering schemes, such as manipulation and impersonation, to gain victims’ trust and convince them that the transaction is legitimate. Because the victim believes the bank transfer they have been instructed to perform is genuine, they willingly ‘authorise’ the payment, immediately transferring the funds to the scammers’ account.

Often, the victim does not realise they have been conned until it is too late. It is then that they see they have been duped and try to report the scam. At this point, the money has been moved on, often overseas, and can be nearly impossible to recover.

If you are the victim of an APP scam, the first thing you should do is report it to your bank, the police and Action Fraud. Banks in the UK have a duty of care to provide safeguards and procedures to prevent fraud from occurring in the first place, including security questions, account monitoring, and blocking suspicious transactions.

Changes to APP Fraud reimbursement rules in October 2024 simplified the process, but if your bank refuses to award compensation following an APP scam, and you believe they have not upheld their duties, you can have your case independently investigated by the Financial Ombudsman Service (FOS).

FOS is an independent, government-endorsed body responsible for investigating and adjudicating disputes between financial institutions and consumers, both businesses and individuals.

In recent years, as scammers have become more sophisticated, FOS has dealt with an increasing number of cases involving the banks’ safeguards and processes, resulting in significant compensation awards.

Commenting on the latest Saltus report, Sarah Spruce, Legal Director at TLW Solicitors, said:

“It is encouraging that the percentage of HNWIs being targeted by scammers has reduced since last year, but 33% is still a large proportion, and these aren’t the only people losing money. Regardless of your net worth, becoming the victim of a scam can be devastating and can leave you feeling vulnerable and embarrassed.

We see clients from all backgrounds who have been blindsided by sophisticated scams that seemed legitimate, even those who think they’re financially savvy and super safe with their money.

In my team’s experience, many scam victims have feelings of embarrassment and shame about what’s happened to them. However, as these figures confirm, if you or a loved one have fallen for a scam, you are not alone – help is available – get in touch with a member of the TLW team for a no commitment and confidential discussion to see if you may be eligible to make a ‘no win, no fee’ claim”