New Wise research reveals two-thirds of UK adults have fallen victim to scams - but most stay silent

• Two in three UK adults have fallen for a scam, new research commissioned by Wise reveals

• Embarrassment and self-blame are major barriers to reporting scams, particularly among Gen Z and women

• Findings contribute to Wise’s broader efforts to advance scam education about red flags and strengthen consumer protection across the financial ecosystem

London, United Kingdom, April 29, 2025 – Wise, the global technology company building the best way to move and manage money, has commissioned new research in the U.K. that reveals two in three UK adults say they’ve been targeted by a scam, but many stay silent. Shame, embarrassment and scepticism are stopping victims coming forward, leaving fraud unreported and unchallenged. The findings offer insight into the barriers facing victims, and aid Wise’s ongoing work to understand how institutions can support victims and increase education about tactics displayed by fraudsters. 

Scam risks and responses vary by region, gender and age

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% vs 40%), while younger victims are more prone to self-blame - 35% 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% saying the loss wasn’t worth reporting and 21% doubting any help would be available. 

Alongside these responses, the data also points to how scam types vary across the U.K. Marketplace scams were most common in the North East and East of England (36% and 35% respectively), while Londoners were most affected by investment scams, making up 34% of all victims in this category. In Scotland, impersonation scams stood out, with over one in four (26%) said they had been tricked by someone posing as a trusted figure, such as a bank, partner or government official.  

Scammers win when victims stay silent

Feelings of distrust and language surrounding scams are preventing many victims from speaking out. Only 36% of respondents told their bank or financial institution they had been scammed and 22% of respondents expressed a lack of confidence in the police or fraud prevention service’s ability to support them. 70% agree that the way scams are talked about can make people feel ashamed - reinforcing that silence allows scammers to operate unchecked. These findings show the need for more proactive education and reassurance from institutions to close the gap in trust.  

Wise commissioned the research as part of a broader campaign in which it partners with financial crime specialists, We Fight Fraud, to strengthen customer safety at all stages of a fraud attack through scam education. The campaign spotlights the role that silence and shame play in helping scammers thrive and the responsibilities financial firms have to change that. The campaign also follows last year’s launch of ‘RASA - The Royal Academy of Schematic Arts,’ Wise’s dedicated scam education platform.

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 U.K., our initiatives helped us bring scam rates on our platform down by 70%. 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 in the moment.” 

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.”     

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. 

To learn more about our latest findings and protections, visit https://wise.com/campaign/scamsafespace.

About the Research 

Scam Space Research - Conducted by OnePoll

A survey of 2,000 individuals who have been “targeted by scams” in the U.K. – conducted by OnePoll between March 13 and 20, 2025. OnePoll follows the MRS code of conduct and ESOMAR principles. OnePoll is also a member of the British Polling Council.

About Wise 

Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.

One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.

In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.