People under 35 are becoming the “prime target” for scammers to trick them into transferring money through social media platforms including WhatsApp.
A banking industry body said intelligence suggested younger people were particularly hit by scams that played on their trust.
UK Finance also warned that energy bill deal and tax scams were becoming more common as the cost of living rises.
Criminals were “building on people’s fears” of rising prices, it said.
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The banking industry body said that while people of all age groups are falling victim to scams, “it is younger age groups that are often the prime target”.
“Our research found that people under 35 are more likely than older age groups to have been targeted in an impersonation scam and be swayed to provide personal or financial information,” it said.
Data from Barclays this month also showed people aged 21-30 were the most likely age group to fall victim to scams, due to the majority taking place on social media, shopping sites and dating apps.
UK Finance added that con artists were targeting all age groups by exploiting “weaknesses outside of the banking system”, through online and social media platforms.