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A - Z of scams

Fraud can be a complicated topic. Our A-Z offers explanations and resources relating to some of the most prevalent scams facing consumers. 

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A

  • Advance fee scams happen when a victim is asked to pay an upfront fee for goods or services that don’t materialise. This could be for a loan, to secure a rental property, or even a new job. 

     

    Urgent warning issued over surge in 'advance fee' scams

    24 January 2023

    Lloyds Bank has issued an urgent warning to consumers as the number of ‘advance fee’ scams surged over the last 12 months.

    Read the full press release

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  • Scammers often use social media to offer Bitcoin deals and may offer users the opportunity to double their money. But they'll keep anything that's sent. 

    Find out more about the latest scams on the Lloyds Bank website. 
     

     

    Lloyds Bank issues urgent warning over rising threat of crypto scams

    10 November 2023

    A growing number of British investors risk being defrauded by a wave of fake adverts posted on social media, according to a new a warning issued by Lloyds Bank.

    Read the full press release

  • Fraudsters can set up fake social media accounts and websites to trick online shoppers into buying something that's fake, or that might not exist at all. The most common items that scammers sell include fashion, tech, holidays and tickets. 

    Find out how to spot an online scam on the Lloyds Bank website. 
     

     

    Lloyds Bank issues urgent warning over Taylor Swift ticket scams

    17 April 2024

    Fans of Taylor Swift are being targeted by a wave of concert ticket scams flooding social media, as the global music icon prepares to tour the UK for the first time in six years this summer.

    Read the full press release

      

    Lloyds Bank warns holidaymakers on scams

    11 April 2024

    With summer fast approaching, Lloyds Bank is warning hopeful holidaymakers they could fall victim to a scam when booking a trip. These scams have risen 7% over the past year, with people losing £765 on average, with those aged 35 to 44 - often booking trips for their families – making up over a quarter of victims (27%).

    Read the full press release

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  • Combatting financial crime: City of London Police Partnership

    Brian Dilley | 14 Feb 2022

    Protecting our customers from fraud and stopping money getting into the hands of criminals is a priority for us, so we’ve extended our partnership with the City of London Police (CoLP) into a fourth year to combine our strengths and capability to help make the UK a safer place for our customers and communities.  

    Read Brian's article

  • Conveyancing scams typically start when either the solicitor or homebuyer has their email account hacked. Fraudsters will monitor email exchanges related to the property purchase, waiting for the opportune moment to strike and send false payment details.

    Sometimes the fraudster can send emails directly from the solicitor’s email account, but usually they will create a spoof email address which looks very similar. Because they have seen the genuine chain, the emails they send will look extremely convincing, using the same names, logos and signatures.

    In some cases, the fraudsters may call the victim and impersonate someone working at the solicitors, to reinforce the urgency of making the payment. The homebuyer is then tricked into sending their money to a bank account controlled by the criminals.

     

    Lloyds Bank warns of worrying rise in conveyancing fraud

    18 June 2024

    Homebuyers are being targeted by criminals hacking emails to exploit the conveyancing process, with increasing numbers tricked into sending their property deposit to fraudsters.

    Read the full press release

  • There are two main ways that fraudsters snare the cash of would-be investors through crypto scams:

    • The illusion: There is no genuine investment platform or cryptocurrency involved. The fraudster, typically posing as an ‘investment manager’, promises that any payments made by the victim will be invested on their behalf, often with the promise of huge returns. However, there  is no investment account, no genuine crypto holding, and once the fraudster has taken as much money as they can, they will simply disappear.
    • The takeover: In some cases there will be an actual investment account held in the victim’s own name and registered with a legitimate platform. Either the victim will be shown how to set this up, or it will be opened on their behalf, but once funds have been deposited, victims may be tricked into handing over their account login details, or passing control of their digital wallet over to the fraudster.
       

    Lloyds Bank issues urgent warning over rising threat of crypto scams

    10 November 2023

    A growing number of British investors risk being defrauded by a wave of fake adverts posted on social media, according to a new a warning issued by Lloyds Bank.

    Read the full press release

F

  • Research by Lloyds Banking Group, based on analysis of reported cases among their more than 25 million retail customers, has found that two-thirds (68%) of all purchase scams now start on just two Meta-owned social media platforms – Facebook (including Facebook Marketplace) and Instagram. This accounts for around 40% the total amount lost to this type of scam.

     

    Two-thirds of all online shopping scams now start on Facebook and Instagram

    30 May 2023

    Purchase scams starting on Facebook and Instagram are expected to cost UK consumers more than £27m this year alone, according to new analysis by Lloyds Banking Group.

    Read the full press release

H

  • Flight tickets are the most common fake item sold relating to holidays. Scammers will create fake ads for cheap flight deals or lure unsuspecting victims by pretending to sell airline tickets they can no longer use themselves. They will offer a low price and ask for a fee to change the name on the ticket. Once the money has been sent, the scammer will disappear, leaving the victim out of pocket – and without a ticket.

     

    Lloyds Bank warns holidaymakers on scams

    11 April 2024

    With summer fast approaching, Lloyds Bank is warning hopeful holidaymakers they could fall victim to a scam when booking a trip. These scams have risen 7% over the past year, with people losing £765 on average, with those aged 35 to 44 - often booking trips for their families – making up over a quarter of victims (27%).

    Read the full press release

I

  • Research by Lloyds Banking Group, based on analysis of reported cases among their more than 25 million retail customers, has found that two-thirds (68%) of all purchase scams now start on just two Meta-owned social media platforms – Facebook (including Facebook Marketplace) and Instagram. This accounts for around 40% the total amount lost to this type of scam.

     

    Two-thirds of all online shopping scams now start on Facebook and Instagram

    30 May 2023

    Purchase scams starting on Facebook and Instagram are expected to cost UK consumers more than £27m this year alone, according to new analysis by Lloyds Banking Group.

    Read the full press release

  • Investment scams are where fraudsters trick victims into putting money into investments that are worthless, or that don't exist at all.  

     

    Surge in investment scams targeting younger people

    18 March 2022

    Victims aged under 45 now account for 70% of reported investment scams, according to new data from Lloyds Bank.

    Read the full press release

  • Invoice fraud can happen when scammers pretend to be someone that a business knows, like a supplier or a client. Scammers may send a message saying that their bank account details have changed, or they may send a fake invoice. 

    Find out more how invoice fraud works on the Lloyds Bank website. 

     

  • An impersonation scam is where a fraudster convinces their victim to make a payment, or give personal or financial details, by pretending to be someone else. Scammers frequently impersonate police officers, bank staff and HMRC, although they may also pretend to be from a large company like Amazon.

    Sometimes, criminals will impersonate a friend or family member, inventing reasons to ask for money, such as being stranded with a broken phone or urgently needing to pay a debt, rent or a bill. These scams often begin with a phone call, text message or email. They may also get in touch via social media.

     

    Lloyds Bank issues warning on impersonation scams as they rise 13%

    29 February 2024

    • Impersonation scams have risen 13% over the past year
    • Scams where fraudsters pretend to be a police officer or bank staff have risen most
    • Those falling victim to ‘CEO fraud’ handed over most cash to impersonation scammers, as victims lost an average £10,918 last year
    Read the full press release

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  • A money mule is someone who transfers stolen cash between bank accounts at the request of criminals. The process typically works like this: a person is contacted by scammers – usually under the pretext of some kind a get-rich-quick scheme – and offered a fee or a cut of the funds to move money from one bank account to another. 

     

     

    Money mules: how we’re protecting our customers from financial fraud

    Liz Ziegler | 16 Aug 2024

    Financial fraud is one of the most common types of crime in the UK. Find out how Lloyds Banking Group is cracking down on 'money mules' accounts.

    Read Liz's article

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  • A passcode is a one-time code sent to account holders to make sure it's really them trying to access their account. However, fraudsters might contact account holders to get hold of the passcode.

    Find out more about passcode scams on the Lloyds Bank website. 

  • There are lots of ways that fraudsters target pension. Pension scams can range from fraudsters offering higher returns with a complicated or unusual investment, to offering access to a pension before a recipient is 55. 

    These scams can be sophisticated and look authentic, but Lloyds Bank offers ways to spot a pension scam. Find out more about pension scams on the Lloyds Bank website. 

  • Purchase scams happen when someone is tricked into sending money via bank transfer (also known as a Faster Payment) to buy goods or services that don’t exist.

     

    The biggest purchase scams to look out for in 2024

    12 December 2023

    Thousands of people hunting for tickets, cars, pets, and much more were tricked into handing money over to fraudsters this year, with purchase scams rising by more than two fifths (42%), compared to last year.

    Read the full press release

R

  • A cruel and very personal scam, romance scams involve fraudsters targeting those looking for love, often using fake photos and information on social media and online dating apps to lure in potential victims.

    These scams can last long periods of time, as the fraudster builds a trusting relationship with their victim, showering them with affection and attentiveness.

    However, the scammer will have numerous – and often increasingly implausible - excuses for why they can’t meet in person or show their face on video calls. Common excuses involve working away in the armed forces or in international aid and charity work.

    Eventually, they will ask for money, usually claiming family issues, medical bills or needing money to arrange travel to meet up with the victim. It may start as small amounts and build up over time.

     

    Romance scams rose by a fifth in 2023

    2 February 2024

    • Romance scams rose by 22% last year.
    • Average £6,937 stolen.
    • People aged between 55 and 64 most likely to fall victim.
    Read the full press release
      

     

    What are romance scams and how can they be avoided?

    Liz Ziegler | 8 Feb 2023

    “The added layer of emotional deception involved with romance scams means that victims could be left emotionally and financially devastated”.

    Read Liz's article

  • Rogue websites look like they are run by reputable companies, and may appear as authentic retail sites. On closer inspection, a few tell-tale-signs will give them away, like low prices and an error in the URL. 

     

    What are rogue websites and how can they be tackled?

    Gavin Evans | 6 Aug 2024

    Figures from Statistica show that over 80% of UK consumers buy online. But while internet shopping has become the norm for a huge number of people, it’s also offered scammers opportunities to take advantage.

    Read Gavin's article

S

  • Fraudsters can pretend to be a trusted company, such as a bank. They will call to tell a customer to move their money into another account, but a genuine bank or company will never call a customer out of the blue to tell them to move their money. 

    Find out more about scam calls on the Lloyds Bank website. 

     

  • Scammers can send emails and texts to try to steal someone's personal and banking details. 

    Find out more about scam messages on the Lloyds Bank website. 

     

  • Scammers often use social media to offer Bitcoin deals and may offer users the opportunity to double their money. But they'll keep anything that's sent. 

    Find out more about the latest scams on the Lloyds Bank website. 

     

    Two-thirds of all online shopping scams now start on Facebook and Instagram

    30 May 2023

    Purchase scams starting on Facebook and Instagram are expected to cost UK consumers more than £27m this year alone, according to new analysis by Lloyds Banking Group.

    Read the full press release

  • Money mules: how we’re protecting our customers from financial fraud

    Liz Ziegler | 16 Aug 2024

    Financial fraud is one of the most common types of crime in the UK. Find out how Lloyds Banking Group is cracking down on 'money mules' accounts.

    Read Liz's article

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