Home Technology Banks warn of big increase in online scams

Banks warn of big increase in online scams

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By Tom Gerken

Technology Reporter.

Banks have warned of a large increase in fraud in 2022, with much of this originating online.

Barclays told the BBC that 77% of scams are now happening on social media, online marketplaces and dating apps.

TSB said a large increase in cases of impersonation, investment and purchase fraud were the main drivers of this.

A spokesperson for Meta told the BBC it believes fraud is "an industry-wide issue".

"Scammers are using increasingly sophisticated methods to defraud people in a range of ways, including email, SMS and offline," they said.

"We don't want anyone to fall victim to these criminals, which is why our platforms have systems to block scams, financial services advertisers now have to be FCA (Financial Conduct Authority)-authorised and we run consumer awareness campaigns on how to spot fraudulent behaviour."



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