One in five consumers (18 per cent) have fallen victim to a scam in the last year, while one in three know someone who has.
As we kick off 2025, Barclays has revealed the scam trends it witnessed throughout 2024 and shares some tips to help consumers stay ‘scam-safe’ in the coming year. It found that investment scams account for £1 in every £3 claimed by victims, while purchase scams account for three-quarters of claim volumes.
Barclays also revealed that 93 per cent of those who fell victim to scams did so online. Seventy-five per cent of all scam types reported by the bank’s customers originated on social media and tech platforms.
In slightly more positive news, two in five (43 per cent) were targeted but managed to identify the scam before handing over their hard-earned funds.
However, as scams become increasingly varied and complex it’s understandable that 52 per cent of Brits currently feel overwhelmed by scammers. 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.
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. However, fewer than two in three are familiar with AI cloning and recruitment scams, both at 62 per cent.
Scam stats
The average investment scam claim in the last year amounted to £15,564 – higher than any other scam type. Despite this, investment scams represented just four 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.
Barclays revealed the top 10 scams in 2024:
Fake delivery scam (51 per cent)
HMRC scam (42 per cent)
Purchase scam (40 per cent)
Online marketplace scam (38 per cent)
‘Hello Mum’ WhatsApp scam (37 per cent)
Investment scam (32 per cent)
Advance fee scam (32 per cent)
Ticket scam (30 per cent)
Parking scam (30 per cent)
Romance scam (30 per cent)
Around 77 per cent of consumers believe that technology companies need to do more to prevent scams from taking place on their platforms, while 64 per cent told Barclays they think these companies 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.
Remaining proactive
Kirsty Adams, fraud and scams expert at Barclays
Kirsty Adams, fraud and scams expert at Barclays, said: “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.”
How to stay scam-safe
Adams shared some important 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.
The post Investment Scams Hit Consumers Pockets Hardest in 2024: Barclays Reveals Scam Statistics appeared first on The Fintech Times.
