Different types of people are more - or less - vulnerable to cons such as boiler room schemes, the OFT has indicated.
A good level of financial knowledge might not save people from falling victim to scams - and might even increase their likelihood of being fooled.
According to a new study from the Office of Fair Trading (OFT), around 20 percent of the population remains "particularly vulnerable" to falling victim to financial scams. This group is partly made up of people with a "good background knowledge" in the subject which is covered by the con in question.
An example given by the OFT was for investment scams, which can include boiler room operations where worthless shares are sold through cold-calling potential customers. The report suggested that someone who already dabbled in stocks and shares could have an "over-confidence" when dealing with the con artist, leaving them more likely to fall into their trap.
The study also showed that people who had previously fallen victim to financial fraud are likely to repeat their mistake in future.
Mike Haley, OFT director of consumer protection said: "This research provides valuable insight into the sophisticated, heartless and calculating psychological techniques used by scammers to exploit consumers.
"Scams often have a devastating emotional as well as financial impact on victims. This research will help us to develop more effective methods to counter the scammers."
Financial cons cost consumers around £3.5 billion a year.
