Lloyds Bank warns customers risk having £545 wiped from their account

Lloyds Bank has warned online shoppers should continue to be wary and vigilant as fraud remains a risk. While the number of online shopping scam victims has come down, the average amount lost to online shopping scams is up by 13%, to £545.

It is still social media where shoppers need to be most on their guard, with almost eight in 10 (77%) online shopping scams starting there. Just one company, Meta (the owner of Facebook and Instagram) is responsible for hosting nearly two thirds of purchase scams (65%).

Lloyds data showed scams involving medication rose temporarily earlier this year, up 71% in the 12 months to the end of March 2024, compared to the previous year. Liz Ziegler, Fraud Prevention Director at Lloyds shares her views on scams to watch out for in 2025.

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She said: “One online shopping con that exploded earlier this year was medication scams. Fraudsters are always looking for new ways to cash grab, and weight loss medications have had more of a spotlight on them this year, as they’ve become more widely available. Buying medications online, especially on social media, isn’t just risky for your health, but your finances too.

"While reports have since fallen, my advice is always to avoid buying health products on social media completely, as it’s unlikely to be legitimate and, even if a product does arrive, you can’t guarantee it’ll be safe - it’s scandalous that fraudsters are able to use these platforms to advertise and sell products that have the potential to cause serious harm.”

“I’d also continue to guide people to be very careful when buying tickets to events online. As we mentioned earlier this year, we received huge spikes in fraud reports relating to tickets for Taylor Swift’s tour and again when Oasis announced theirs.

"Buying from reputable, authorised platforms is the only way to guarantee you’re paying for a genuine ticket and being asked to pay by bank transfer, particularly if you’re speaking to a seller over social media, is a huge red flag.” She said: “And, if you’re in the market for a motor, be wary – we get regular reports about vehicle scams, particularly people trying to purchase a Ford Fiesta online. Used car buyers should always ask to see the seller’s V5C logbook to verify the seller is legitimate, never hand over money without seeing the vehicle in person and – if you’re the seller – always independently check the money has been received into your bank account before handing over the keys.”