Lloyds Bank issues urgent scam warning with customers losing £642 in fraud

18 January 2023 , 23:42

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Lloyds Bank has encouraged customers to be wary when shopping online (Image: SOPA Images/LightRocket via Getty Images)

Lloyds Bank has warned all customers to be aware of scams that are causing people to lose an average amount of £642 each.

The banking chain is running a billboard campaign alerting people to beware of potential dangers when shopping online.

Lloyds said that the average losses per person when falling for an online shopping scam is £642, citing figures from the 2021 UK Finance Fraud Report.

The bank also offered advice on how to protect yourself while shopping on line, alongside the warning: "Scams are changing every week.”

Analysis showed that the number of consumers falling foul of online shopping scams had increased by 20% in December 2022.

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The average scam victim loses £642 (Getty Images/EyeEm)

Lloyds said certain goods are particularly risky, such as trainers, clothes, gaming consoles and phones, Liverpool Echo reported.

Warning signs, Lloyds said, include:

• The seller has recently joined the online platform
• There aren't any reviews or the reviews are bad
• You're being rushed into a bank transfer payment

Last month, Liz Ziegler, fraud prevention director at Lloyds Bank, told the Liverpool Echo: “Online shopping scams come in all shapes and sizes, but the vast majority start with items advertised on social media, where it’s too easy for fraudsters to use fake profiles and advertise goods that simply don’t exist.

Lloyds also warned that 'scams are changing every week' (SOPA Images/LightRocket via Getty Images)

“The safest way to pay for things online is always by debit or credit card, and buy from a trusted retailer. Remember that if a deal looks too good to be true, it usually is.”

Last month Brits were warned to be on the look out for bank scams in 2023, with fraudsters taking advantage of the cost of living crisis to steal money.

Online purchase scams were among the top five scams to be wary of, along with money mule requests – when people allow a criminal to use their bank to move stolen money - card theft, fake apps that target bank accounts and spoof calls or texts where fraudsters imitate legitimate companies, often banks.

Kate Lally