Mike Stimpson, Partner at Saltus, comments on the increase in the number of HNWIs who have been scammed.

More than half of High-Net-Worth-Individuals (HNWIs) admit they have been victims of a financial scam, with the self-employed or those with a net worth of more than £3m most likely to have been targeted, according to the latest research from Saltus.

The Saltus Wealth Index surveyed more than 1,000 people in the UK with investable assets over £250,000 and an average net worth of £1.5m and discovered that 53% of HNWIs say they have been victim of a financial cybercrime - up from 49% just six months ago.

Of those who had been a victim of a financial scam, 36% say they lost their money - £8,952 on average. However, one-in-five (21%) admitted to losing more than £10,000 and nearly one-in-25 say they lost more than £25,000.

The research found that those most likely to be targeted and lose money were the self-employed, where 74% said they had fallen victim to financial crime compared to 47% of employed respondents. 41% of those self-employed respondents who had been targeted say they lost their money, with losses averaging £9,272.

The data also revealed that the higher the net worth, the more likely the respondent was to say that they had been targeted by scammers.

Commenting on the data, Mike Stimpson, Partner at Saltus, said:

We all know that professional advice can help you achieve your financial goals, but one of the lesser known - but hugely important - benefits of having a financial adviser is that they can also help protect you from falling victim to financial crime. With our research showing that 36% of High-Net-Worth-Individuals had lost money to a scam, this is no longer an issue for a small minority but a very real danger to all.

“Financial advisers know  markets, they know when something is too good to be true and they have clients’ best interests at heart. Ultimately, this means they are a client’s best line of defence when it comes to securing their finances from scammers.

Full release: Financial crime against High-Net-Worth-Individuals on the rise as more than half say they have been scammed - losing £9k on average

Media contact: Rachel Mason, PR Prose, 07759147131/ prprose@live.co.uk