New data shows that victims aged 18 to 34 are losing an average of GBP 2,630 to scams, which typically involve scammers impersonating banking staff, the police or HM Revenue and Customs.
People over 55 are still handing over the most money out of any age group, with GBP 10,716 reaching the pockets of the fraudsters per fraud on average, but are less likely to be tricked, with a slowdown in the number of total scams.
Despite losing less money when scammed, more millennials have lost out financially, with the number of them being tricked rising almost fourfold.
There are more than three times as many people aged between 45 and 54 being scammed out of money than those over 55, according to the figures. Lloyds revealed that people in this age group are being tricked out of an average of GBP 3,573 per fraud.
Younger people are thought to be scammed at a much faster rate than their peers because of their greater use of online banking, which has increasingly been seized upon by scammers.
Greater awareness among older people is also thought to have driven fraudsters to new groups and tactics.
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