Around five million Brits have fallen prey to financial scams, whilst another 23 million were unsuccessfully targeted by fraudsters, according to a survey by Which?

One in three people received an automated phone call which invites them to claim a prize usually by calling a premium rate number. Two million people responded and subsequently ended up out of pocket.

Around eight million people have also received information about international lotteries through official looking letters announcing their big win despite the fact they never entered.

Fraudsters then demand that people pay a 'contingency' of as much as £75,000 in order to receive their winnings with some going so far as to use the bank details themselves.

Which? editor Malcolm Coles, said: "The con artists who run these scams are experts in fooling people into parting with their money. Unfortunately, it's rare to get something for nothing - if it sounds too good to be true, it probably is.

"Avoid giving them the information they need by checking thoroughly before confirming email addresses or giving bank account details to anybody you don't know."

The internet is also proving a popular tool for fraudsters with many emails such as the so-called 'Nigerian 419' being sent to part people from their cash.

These generally revolve around the theme that those who give a foreign bank account number and pay an advance fee will receive a large sum of money in return.