Lloyds Bank warning as £545 sums go missing from accounts

Lloyds Bank is warning its customers and other online shoppers after many people saw payments of around £545 taken from their accounts. The UK banking giant is now calling on people to remain "wary and vigilant".

However, there was also some good news in an update shared by Lloyds on Tuesday. It announced what it called a "sad news day for scammers", revealing that reports of online shopping fraud had decreased by 20% in the year leading up to September 2024.

Despite this decline, Lloyds warned that the average loss from such scams has increased by 13%, now standing at £545. The bank's experts pointed out people should be particularly cautious on social media, with 77% of online shopping scams originating there.

In a related note, Lloyds highlighted that the average wedding expenditure has surged by nearly 20% over the past three years. This increase has led many couples to search for deals online, which scammers have exploited, resulting in a 24% rise in wedding-related scams within the same period.

Victims of wedding scams have lost an average of £468, with fraudsters targeting items such as wedding dresses, cakes, stationery, favours, and services like photography. Lloyds noted that on platforms like Facebook, personalised wedding supplies, including robes, slippers, and bridesmaid gifts, are often used in these scams.

Meanwhile, data from Lloyds Bank revealed a temporary surge in medication-related scams earlier this year, with a 71% increase in the 12 months leading up to March 2024 compared to the previous year. The medications involved ranged from prescription drugs to over-the-counter tablets and weight loss related medications - the latter seeing an astonishing rise of 291% - However, reports of such scams have since declined, possibly due to the wider, legitimate availability of certain medications.

To ensure online safety, individuals are being encouraged to heed any warnings from their bank and follow given advice. Lloyds also advises customers to "always exercise caution on social media" and consider cut-down prices or items that are otherwise unavailable as a "major red flag".

People should also steer clear of high-pressure tactics, be wary of unsolicited offers, and shop with reputable retailers. Furthermore, Lloyds is warning people against purchasing medication on social media due to the lack of guarantee for its safety or effectiveness.