New Barclays research reveals one in five consumers (18 per cent) have fallen victim to a scam in the last year. The vast majority of this group – 93 per cent – fell victim online. An additional two in five (43 per cent) were targeted but managed to identify the scam before handing over their hard earned funds.
Consumers are also conscious of their loved ones being the target of a scam. Over a third (34 per cent) know someone who has fallen victim to a scam, and of them, one in five (17 per cent) said their parent was scammed, while 8 per cent said their grandparent fell victim. Two in five (42 per cent) have been asked by a friend or family member to help them figure out if something is a scam.
Investment Scams Account For £1 In Every £3 Claimed By Victims
Barclays proprietary scam claim data shows that January was the month with the highest value of reported scams – largely driven by a spike in investment scams, which accounted for 53 per cent of the month’s claim values. The average investment scam claim in the last year amounted to £15,564 – higher than any other scam type – and accounted for £1 in every £3 claimed by victims in the last year. Despite this, investment scams represented just 4 per cent of the volume of reported scams.
By comparison, purchase scams made up the greatest share of scam reports, accounting for three in four claims (74 per cent), but just 24 per cent of the total value of reported scams, with a lower average claim, at £650. Romance scams, which peaked in June, account for 5 per cent the total claims value, but just 2 per cent of the overall volume in the last 12 months.
Top 10 scams based on those that have either fallen victim, known someone who has, or have been targeted by a scam:
Fake delivery scam – 51%
HMRC scam - 42%
Purchase scam - 40%
Online marketplace scam - 38%
Hello Mum WhatsApp scam - 37%
Investment scam – 32%
Advance fee scam – 32%
Ticket scam – 30%
Parking scam - 30%
Romance scam - 30%
Sneaky Scam Tactics Overwhelm Consumers
Half (52 per cent) of Brits say they feel overwhelmed by the variety of fraudsters’ tactics – a consequence of the ever-evolving methods used to target victims. When looking at the awareness of specific scam tactics, consumers are most familiar with fake delivery scams and HMRC scams, at 83 and 80 per cent respectively. Conversely, less than two in three are familiar with AI cloning and recruitment scams, both at 62 per cent.
Across all scam types reported by Barclays customers, the majority – 75 per cent – originated on social media and tech platforms. Three quarters (74 per cent) of respondents believe there are more scams online than there were a year ago, while one in three (32 per cent) now feel less confident in their ability to spot scams.
Action Needed From Tech Firms
More than three in four (77 per cent) consumers believe that technology companies need to do more to prevent scams from taking place on their platforms, and two thirds (64 per cent) think they should be made to reimburse scam victims. Almost half (49 per cent) of respondents said they would feel comfortable with banks and tech companies sharing their personal data with each other, if it was being done to prevent them from falling victim to a scam, or because they were being targeted by a scammer.
Commenting on the state of scams in 2024, Barclays Fraud and Scams expert Kirsty Adams says: “The variety of scam tactics and channels continued to evolve considerably this year, but it’s clear that there are a number of enduring scam trends; the majority of scams started on social media once again, purchase scams continue to be the most reported scam type, and consumers demonstrated they are overwhelmed by the scam risks posed to them and their loved ones."
“There’s no doubt that scammers will take advantage of shoppers in the Christmas and Boxing Day sales, so even as the year draws to a close, we’re urging people to stay vigilant. Looking ahead to 2025, we’re hopeful we will see progress in the fight against fraud, in the form of cross-industry collaboration. It is only by joining forces that we can tackle this epidemic."
“Falling victim to a scam is not something to be ashamed of; it can happen to anyone, so we want to arm people with information and advice on how to stay scam safe.”
Kirsty’s top tips on staying ahead of the scammers in 2025:
Never disclose personal details: Your bank will never ask you for your debit card PIN, your password, or your complete online banking login details. Requests along these lines should jump out as a red flag.
Verify company details: If you are in doubt about a company that has contacted you by phone, it is always worth double checking their contact details. Check official websites and call the listed number directly yourself.
Take your time: When it comes to making purchases online or committing to an investment, don’t be forced into making any hasty decisions. Always remember that legitimate organisations shouldn’t push you into anything.
Be sceptical of promises: Our data shows the average investment scam claim is higher than any other scam type. Remember the old adage; if it sounds too good to be true, it probably is, and remain sceptical of any promise of unrealistic returns.
Beware of scam texts: If you’re sent a one-time passcode to authorise a payment or registration, always read the full message to check it matches up with what you’re doing. If it doesn’t, stop the transaction and don’t use the code or give it to anyone.