Lloyds Bank warns of online scams costing people hundreds

The popular bank has seen a sharp rise in the number of people affected by these practices, with people losing an average of £427.

The bank said that on average people lose more than £400 from these scams, but those aged 55-64 lose more than double that with £1,000.

Lloyd’s has commissioned its own investigations into fraud and found that most of this fraudulent activity starts on platforms like Facebook Marketplace or on Instagram.

As people search for cheaper items and the prices of popular goods like sneakers, clothing, game consoles and phones increase by 20%, more and more start to fall victim to new scams.

This is especially true during the Christmas Hurry when people struggle to get everything they need before the big day.

Liz Ziegler, Head of Fraud Prevention at Lloyds Bank, said: “With people particularly looking to grab a bargain this Christmas amid the tight cost of living, heartless scammers will be ready to rob unsuspecting victims of their hard-earned cash .

“Online shopping scams come in all shapes and sizes, but the vast majority start with items promoted on social media, where it’s too easy for scammers to use fake profiles and promote goods that simply don’t exist .

“The safest way to pay for things online is always with a debit or credit card and with a trusted merchant. Remember that if a deal looks too good to be true, it usually is.”

In the run-up to Christmas, pay special attention to online scams 👇 pic.twitter.com/r8YVhxI542

— Lloyds Bank (@LloydsBank) December 14, 2022

Lloyds Bank’s 6 tips to protect yourself from online fraud

Here are Those of Lloyds Bank Tips to stay safe when buying cheaper items online:

1. Use your credit or debit card

This adds a layer of protection to your money should anything happen.

2. Look elsewhere for the article

Lower prices can hide scams so see if you can find it elsewhere, scammers can also use low availability to fool buyers.

3. Be wary of social media posts and direct messages

Check for offers yourself as targeted offers can be a scam.

4. Make sure the website or seller is legitimate

Look for good seller ratings and be wary of mixed or bad reviews

5. Ask questions before you buy

If the seller has trouble providing details or is trying to rush you, it may be a scam.

6. Never click on links from messages

Always visit the website, even if the message purports to be from a real company.