New research from Barclays Bank reveals that one in five consumers fell victim to a scam in the last year.
The research was conducted by Censuswide between 6th - 10th December 2024, among a sample of 2,000 consumers.
The vast majority of those who reported losses - 93 per cent - fell victim online. An additional two in five were targeted but managed to identify the scam before handing over their hard earned funds.
Over a third know someone who has fallen victim to a scam - one in five said their parent was scammed, while eight per cent said their grandparents fell foul of fraudsters.
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, 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.
Across all scam types reported by Barclays customers, the majority - 75 per cent - originated on social media and tech platforms.
Half of Brits say they feel overwhelmed by the variety of fraudsters’ tactics - a consequence of the ever-evolving methods used to target victims. Three quarters of respondents believe there are more scams online than there were a year ago, while one in three now feel less confident in their ability to spot scams.
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.
“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."