Taking on the fraudsters together
Fraud has rocketed over the course of the pandemic as more people have moved to shop and invest online. Fraud is now one of the most common crimes in the UK today, carried out by a wide range of offenders - from opportunist criminals to sophisticated organised gangs - and costing victims and the wider economy billions of pounds each year. The banking trade body, UK Finance, has described current levels of fraud as “a national security threat”. And the impact isn’t just financial; fraud also has a devastating impact on individuals’ emotional and physical well-being.
While there’s a great deal already being done within the banking sector and beyond, at Lloyds Banking Group we’re joining UK Finance’s call for tougher Government-coordinated action across industries.
Taking things back to basics, we recognise that one of the most important steps in tackling fraud is educating the public. Some of the most recognisable scams continue to be those which people are most likely to fall victim to.
Purchase scams trick people into paying for goods and services that don’t exist, often advertised on social media. These are often heavily discounted with payment via bank transfer rather than secure payment via an official online platform. Puppies, phones, gaming consoles, scooters and trainers are all items where shoppers should be particularly vigilant when purchasing online, as our data shows that these are some of fraudsters’ most common targets. The average age of a purchase scam victim is 35.
Impersonation scams are where people are convinced to make a payment or share financial details with someone claiming to be from a trusted organisation, such as the police or their bank. Victims often receive a call, text or email with an urgent request to make a payment or move money. The average age of an impersonation scam victim is 43.
Investment scams convince their targets to move their money into a fictitious fund or to make a fake investment. These can often be cleverly tailored to individuals’ interests and the previous investments they’ve made. The average age of an investment scam victim is 39.
Romance scams use fake online profiles to gain trust and build relationships, before asking for money. Criminals often use information found on social media to directly target individuals. The average age of a romance scam victim is 50.
We were the first bank to introduce an innovative mule-hunting team, which has stopped
from falling into the hands of fraudsters.
Fraud's no game
Consumer spend on video games is up 30% since 2019. But the increased popularity of gaming also comes the increased risk of gaming fraud. See how we're helping to keep gamers money safe online.