TSB issues festive fraud warning ahead of busy sales period as social media scams target shoppers
As consumers ready themselves for Black Friday and Christmas, UK financial institution TSB is urging consumers to be vigilant when shopping online as it reveals purchase fraud accounted for 55% of all fraud cases this year.
New TSB data also shows that social media platforms continue to lead to significant fraud losses for consumers. It found that Facebook accounted for 67% of all purchase fraud losses by volume, and 59% by value. This is followed by Instagram, which accounts for 16% of purchase fraud by volume, and 29% by value.
UK Finance data shows that £42 million was lost to purchase fraud alone in the first half of 2024 – and with almost 70,000 cases over this period, that averages 375 cases every day.
TSB’s fraud team is warning consumers to be vigilant to some of the most commonly scammed items:
Concert tickets
Football tickets
Cars (specifically deposits)
Clothes, including trainers
Children's toys
Games consoles
Services (specifically home repairs refurbs)
Designer items like bags and higher value shoes
Electrical goods like phones and laptops
Motorbikes
TSB also found that 48% of purchase fraud cases are £100 or less - as the bank issues a warning to consumers that they could be left without a refund.
Under the Payment Systems Regulator’s new fraud rules, it has chosen not to apply a £100 excess per fraud claim, due to the high level of scam victims that would be excluded from a refund – as much as a third of all push payment fraud cases.
Nicola Bannister, Director of Customer Support, TSB, says: “At this time of year, we’re all shopping online more than ever – but it’s important to be wary of scams on social media platforms, as crooks are listing items that simply don’t exist. We’d advise sticking to reputable websites and only buying an item you’ve found on a social media platform if you can view it in person first.”
2024 RTIH INNOVATION AWARDS
Online retail is a key focus area for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.
The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.
Key 2024 dates
Friday, 25th October: Award entry deadline
Tuesday, 29th October: 2024 shortlist revealed
30th October-6th November: Judging days
Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.
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