Barclays has reported a rise in online marketplace scams, urging caution among shoppers as the spring season begins. According to the latest Barclays Scams Bulletin, younger consumers are particularly vulnerable to these scams, with data showing that three-quarters of scam claims by individuals aged 20 and under originated on online or social media marketplaces.
The bank highlighted that nearly two in five UK adults have either been victims of marketplace scams or know someone who has been targeted. As fraudsters exploit the popularity of online shopping platforms, Barclays is calling for technology companies to take more responsibility in preventing such scams.
Kirsty Adams, Fraud and Scams Expert at Barclays, stated: “Online marketplaces are a great way to re-home unwanted items or to find sought-after goods at a discount, but they require a level of trust between buyer and seller that scammers are sadly exploiting.”
Adams urged consumers to exercise caution when making purchases: “We urge people to take their time when making purchases and to remember the timeless mantra – ‘if it looks too good to be true, it probably is’. No bargain is worth the risk of being scammed.”
The bulletin also revealed that purchase scams account for 71% of claims this year, with an increase in the average value of these claims by approximately £250 compared to last year. This indicates that scammers are targeting higher-value transactions.
Barclays emphasized the need for tech firms to enhance consumer protection against fraud. The bank noted that over three-quarters of consumers believe tech companies should do more to prevent scams on their platforms. Additionally, two-thirds think these companies should reimburse victims.
Adams called for collaborative efforts with tech firms and government bodies: “The big tech firms must take more action to prevent scams from taking place on their platforms. We continue to work collaboratively with these companies and the government to stop scammers in their tracks.”
To help consumers protect themselves from fraud, Adams shared several safety tips: avoid disclosing personal details; use secure payment methods recommended by marketplaces; review seller or buyer details carefully; and take time before making purchasing decisions.
For further information on staying safe from fraud and scams, visit barclays.co.uk/fraud-and-scams/.