Shame, embarrassment and scepticism have been revealed to be major reasons those who have been targeted by a scam choose to remain silent, as Wise, the global money management firm, finds that two in three UK adults have experienced a fraudulent attack.
The research was commissioned by Wise as a part of its broader campaign to tackle the growing fraud issue in the UK. Partnering with financial crime specialists, We Fight Fraud, the campaign looks to strengthen customer safety at all stages of a fraud attack through scam education. It also highlights that staying silent plays into fraudster’s hands and that financial institutions have a role in encouraging customers to come forward.
The campaign follows last year’s launch of ‘RASA – The Royal Academy of Schematic Arts,’ Wise’s dedicated scam education platform.
Nicola Harding, chief executive officer, We Fight Fraud, said: “The aim for this campaign is to empower scam victims to reclaim the narrative and stand up to criminals who thrive off the shame and silence associated with fraud. Whether it’s being pressured to act urgently, being contacted out of the blue, or being asked to pay through unusual methods like crypto or gift cards, these common tactics rely on people being isolated and unsure.
“That’s why We Fight Fraud is proud to work with financial industry leaders like Wise to spearhead this shift towards breaking the silence around scams, sharing more about the red flags to avoid, and fostering a culture of support, rather than blame.”
Fighting fraud by speaking up
The latest research spotlights the issue of victims staying silent. Only 36 per cent of respondents told their bank or financial institution they had been scammed and 22 per cent of respondents expressed a lack of confidence in the police or fraud prevention service’s ability to support them.
Feelings of distrust and language surrounding scams are preventing many victims from speaking out, and showcases the need for more proactive education and reassurance from institutions to close the gap in trust. In fact, 70 per cent agree that the way scams are talked about can make people feel ashamed – reinforcing that silence allows scammers to operate unchecked.
Staying quiet
The data reveals how shame and silence around scams show up differently across gender, age, and region. Women are more likely than men to feel embarrassed about romance scams (53 per cent vs 40 per cent), while younger victims are more prone to self-blame.
Thirty-five per cent of Gen Z respondents who didn’t report being scammed said it was because they held themselves responsible. For Gen X underreporting was driven by scepticism, with 23 per cent saying the loss wasn’t worth reporting and 21 per cent doubting any help would be available.
Alongside these responses, the data also points to how scam types vary across the UK marketplace scams were most common in the North East and East of England (36 per cent and 35 per cent respectively), while Londoners were most affected by investment scams, making up 34 per cent of all victims in this category. In Scotland, impersonation scams stood out, with over one in four (26 per cent) saying they had been tricked by someone posing as a trusted figure, such as a bank, partner or government official.
Remove the stigma
Improvements in fraud prevention tools as well as how customers are spoken to if they fall victim to scams, could encourage reporting, reduce stigma and ultimately make it more difficult for fraud to operate unchecked.
Aaron Wilson, product lead for fraud prevention at Wise, said: “Wise is one of several players continuing to make investments in controls and proactive fraud prevention measures to safeguard customers. In 2024, despite the rise in scams in the UK, our initiatives helped us bring scam rates on our platform down by 70 per cent.
“We know strong fraud controls are essential. However, they’re only part of the solution. What we’ve learned is that conversations matter just as much. When people feel too ashamed to speak up, it helps scammers get away with it and suppresses stories that could help others avoid the same tricks.
“We need to change that across the whole industry by creating safe spaces for people to share their experiences more easily and shift toward supportive, stigma-free language. Our goal is that by increasing awareness in how criminals operate, more people will be aware of the red flags and be able to adapt to prevent fraud at the moment.”
