Finance & Economics

British bank warns bargain hunters to beware social media scammers

Social media fraudsters conned a third of people 

Social media fraud

British bank warns bargain hunters to beware social media scammers. Source:

Lloyds Bank says 34% of Brits have been scammed buying from social media sites. The research revealed that the average amount of people are being conned into handing over on social media is £393, whilst 45-54-year-olds are being scammed out of about £498.

Among 2,000 UK adults surveyed, almost half of people had sent money via bank transfer to social media sellers without receiving their items.

More than 1 in 5 (21%) have bought an item on an online marketplace with bank transfer and never received it. 1 out of 8 customers have bought something in a social media group that didn’t arrive. Along with that, 12% have clicked on a link shared on social media and bought goods that were never delivered.

The research explained that consumers have a lack of understanding of the safest ways to pay for goods online. It happens because social media fraudsters can often trick buyers into paying by bank transfer.

The safest way to pay for things online is by card. Paying by bank transfer is just like handing over cash, so it’s crucial to think before handing over your money – and remember that any offer which seems too good to be true probably is
Paul Davis, Retail Fraud Director, Lloyds Bank

55% consider bank transfer as a safe payment method, when, in fact, paying via credit card offers much greater protection.

More than 1 out of 4 admitted to buying something immediately if they see its cheap price, whilst 61% are not bothered about buying from well-known sites.


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