New U.K. Report on Mass-Marketed Scams
- An estimated £3.5 billion to scams each year, including estimated losses of £1.17 billion to holiday (vacation) club scams, £490 million to high-risk investment scams, £420 million to pyramid and get-rich-quick scams, and £260 million to foreign-lottery scams. The total equates to about £70 per year for every adult living in the United Kingdom.
- The mean amount lost per scam is £850, but the median is only £14. This means that the distribution of losses is highly skewed, as the mean is increased dramatically by “the relatively small number of persons who lost large amounts of money to scams.”
- Nearly half the U.K. adult population (about 23.5 million people) is likely to have been targeted by a scam, and 6.5 percent of the U.K. adult population fall victim to scams every year.