NatWest has shared an update on the fastest growing scams of 2024.
The update from UK’s NatWest noted that an increase in fake parcel delivery texts, social media marketplace scams and AI voice cloning “during the last 12 months.” This, according to the analysis from NatWest
NatWest professionals have share practical advice on how to spot the new scams on the rise.
As stated in the update, fake parcel delivery texts, social media marketplace and AI voice cloning scams are “revealed as the fastest growing, according to NatWest.”
42% of British adults have been targeted “by scammers in the past 12 months.’
Purchase scams make up three of the top five “fastest-growing” scams – including the rise of “event ticket scams.”
AI-powered scams are on the rise – with “86% of British adults concerned that rapid developments in AI will give criminals new ways to con people.”
A fraud expert from NatWest shares advice on “how to spot and avoid new and prevalent scams.”
The fastest growing scams of 2024 have been “uncovered in a new study which reveals 42% of British adults have been targeted by a scam in the last 12 months.”
NatWest research, which combines industry data with a national survey of 2,000 British adults, highlights the “emerging and evolving types of scams in 2024. £570 million was reported stolen by scammers in the first half of 20242, with scammers targeting adults on average four and a half times a month.”
Young adults aged 18-24 were most targeted by scams this year with “55% approached by scammers in the last 12 months and 60% either experiencing financial loss themselves or knowing someone who has.”
In contrast, among those over 65, only “15% are aware of either themselves or someone they know losing money to a scam.”
The research study showed a notable “rise in social media marketplace scams targeting 18–34-year-olds, with a quarter (25%) reporting encounters with fake profiles advertising non-existent goods in the past 12 months.”
By comparison, only “7% of those over 65 experienced this type of scam.”
The bank commissioned the research to keep consumers informed “about the ever-changing landscape of scams, as well as illustrating the technological advancements and increasing sophistication of modern scams.”
The fastest growing scams this year are:
- Fake Parcel Delivery Texts – (40%) Fake parcel delivery texts involve scammers sending fake delivery notifications for parcels, prompting the recipient to click on a link to reschedule delivery or pay a fee. The link often leads to a phishing site designed to steal personal information or install malware on the victim’s device.
- Social Media Marketplace Scams – (30%) Criminals use platforms like Facebook Marketplace, Instagram, or TikTok to advertise and sell products that do not exist. Fake profiles are created to advertise popular and in-demand goods (often using stolen photos from real sellers) and list attractive offers to lure victims into making purchases. Once payment is made, the promised goods never arrive, and the fake account disappears.
- Artificial Intelligence (AI) Voice Cloning Scams – (30%) Using AI voice cloning technology to deceive victims by creating realistic audio impersonations of trusted individuals or authorities, for example to ask for authorisation of fraudulent transactions or solicit sensitive information.
- Money Request from Friend or Family Scams – (29%) Scammers posing as someone you know to urgently request money, often through phone, email, or social media, to exploit your trust.
- Event Ticket Scams – (28%) Scammers selling counterfeit or non-existent tickets to popular events, such as gigs, concerts, or sports games – victims purchase tickets online or through social media, only to discover that the tickets are invalid or never arrive.
- Cost-of-Living Assistance Scams – (25%) Scammers exploiting individuals’ financial vulnerabilities by offering fake assistance programs, grants, or loans to help with living expenses, only to steal the money or use the information for identity theft.
- Tax Rebates Scams – (24%) Fraudulent emails, phone calls or text messages offering fake tax rebates, either claiming people are due a refund or asking them to request one – which are aimed at stealing personal information or money.
- Refund Scams – (23%) Scammers claim you are owed a refund to steal personal or financial information. They may contact you by phone, email, or text, posing as a legitimate entity to trick you into revealing sensitive details or sending money.
- Deep-fake Celebrity Endorsement Scams – (22%) Creating deepfake videos using AI of celebrities or trusted brands such as news outlets to promote fraudulent schemes, such as investment opportunities.
- Get Rich Quick Investment Scams – (22%) “Get Rich Quick” investment scams are fraudulent schemes that promise high returns with little risk or effort in a short period. Scammers often use persuasive tactics and fabricated success stories to lure individuals into investing their money.
A third (33%) of British adults disclosed that if they did lose money to a scam, they would “not feel comfortable discussing the loss with family or friends, while 86% of the public believe that more should be done to stop scams at their source.”
Nevertheless, British adults have “stayed alert, with 62% indicating that they identified scams before losing any money when approached.”