Barclays has unveiled research highlighting the prevalence of scams in 2024, with one in five consumers reportedly falling victim to fraudulent activities. The majority of these incidents occurred online, and an additional 43% of people were targeted but managed to avoid financial loss.
The study indicates that investment scams accounted for a significant portion of the financial losses, representing £1 out of every £3 claimed by victims. Despite their high value, these scams comprised only 4% of reported scam cases. In contrast, purchase scams were more frequent, making up three-quarters of all claims but accounting for just 24% of the total value lost.
Among the top scams identified were fake delivery and HMRC-related frauds. A notable proportion (52%) of Brits expressed feeling overwhelmed by the various tactics employed by scammers. The data also showed that most scams originated from social media and tech platforms.
Kirsty Adams, Barclays Fraud and Scams expert, emphasized: “The variety of scam tactics and channels continued to evolve considerably this year." She noted that social media remains a common starting point for many scams and highlighted the need for vigilance during periods like Christmas sales when scammers are particularly active.
Adams also pointed out: “There’s no doubt that scammers will take advantage... so even as the year draws to a close, we’re urging people to stay vigilant.” She called for cross-industry collaboration in combating fraud.
Adams provided several tips for staying safe from scams in 2025. These include not disclosing personal details such as banking information over unsolicited communications, verifying company details independently if contacted unexpectedly, taking time before making purchases or investments online, being skeptical about promises offering unrealistic returns, and being cautious with scam texts requesting authorization codes.