New research from Barclays reveals that 70 per cent of people ignore their gut feeling in situations involving money, leaving them more vulnerable to scammers.
This comes as recent Barclays data shows that purchase scams — the most common type of scam, where people buy goods which never arrive or aren’t as advertised – have risen by 70 per cent, year on year.
As we head toward the festive season, and major shopping days, such as Black Friday, Barclays is urging people to take a moment and listen to their gut when making decisions.
Especially as three quarters (75 per cent) of people have noticed an increase in suspicious or scam related activity in the recent months and almost half (47 per cent) have been targeted by a scam by email and/or text in the last few months.
What’s more, Barclays data shows that investment scams, where you’re invited to invest in something that isn’t what it seems or doesn’t exist, are the highest value, and account for just under a third (31 per cent) of all money lost to scammers.
Despite this, research shows that a huge 85 per cent of people choose to ignore their gut feeling when investing.
Barclays has partnered with gut health expert Dr Megan Rossi, to raise awareness of the important role the gut can play in helping people to identify if they are being scammed and provide useful advice for how to identify when your gut is trying to tell you something.
Ross Martin, Head of Digital Safety at Barclays, says:
“Too often people ignore their gut feeling when making important decisions, which unfortunately can make them more vulnerable to scams.
“Scammers will play on your emotions and try to instil a sense of time pressure, or create a perceived scarcity – and therefore value – when making a purchase or investment.
“You should never feel rushed into buying or investing in something. If something sounds suspicious or doesn't feel right, speak to someone you trust – a family member, friend or your bank – for a second opinion.”
The recent study also shows the reasons people might ignore their gut feeling: a third question their instinct if they are under time pressure, and another third say they would re-consider their gut feeling based on the size or value of the opportunity.
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