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,” according to an update from Lloyds Banking Group.
Last month, Lloyds spoke about another area of risk for consumers: crypto scams. If you are interested, you can read about this topic here.
As noted in a blog post, social media was the main hunting ground for criminals, “with 78% of purchase scams (by far the most common type of fraud) starting on these platforms. With few checks, no secure payment processes and no financial incentives to protect their users, social media remains infested with fraudsters.”
Liz Ziegler, Fraud Prevention Director, Lloyds Bank said:
“Fraudsters are constantly on the lookout for ways to scam people out of their hard-earned cash and, if you’re not on your guard when shopping online, you may be their next victim. Don’t be fooled into trusting a stranger on the internet to secure a quick bargain. Social media is rife with fake adverts from criminal sellers – if something is in demand and hard to get your hands on from trusted retailers, it’s probably unrealistic to think you’ve found it for half the price on Facebook Marketplace.”
As noted in the update:
“Big life purchases such as a pets or vehicles shouldn’t be rushed, so don’t go for the cheapest price from the first person that messages you on social media. Trust your gut and, if something doesn’t feel right it probably isn’t, so always take time to think about purchases you’re making online.”
To protect people from these organized criminals, Lloyds Bank is warning people “about the main scams to look out for in 2024 – including top tips on how to avoid them.”
Scams to look out for in 2024:
New year warning: holiday scams
In the travel industry, the first Saturday after people “return to work in January is sometimes known as ‘Sunshine Saturday’, as traditionally it has been a popular time for people to book a holiday abroad.”
For fraudsters, it’s a peak opportunity to “target hopeful holidaymakers.”
Lloyds Bank data shows flight tickets “are the most common fake item sold relating to holidays, but it’s not just the idea of flying abroad that lures in trusting victims.”
The popularity of the ‘staycation’ remains high, “with caravan holidays the next most popular holiday scam.”
Nearly half of all holiday scams “originate on Facebook Marketplace, but these scams can happen through more trusted websites such as AirBnB and Booking.com. Victims arrive with their suitcases full for an exciting trip, only to find the address their host has given them is fake or the apartment they think they’ve rented is actually home to someone else.”
To avoid holiday scams, purchase tickets and hotel stays “from trusted retailers or, even better, direct from the airline or hotel. When booking stays, look for valid reviews on websites such as TripAdvisor.”
For more details and tips on protecting yourself from fraudulent activities, check here.
