Lloyds Bank warning as people have money taken from accounts

Lloyds Bank has issued a warning after many people saw around £545 each taken from their accounts. The financial provider is urging people to be "wary and vigilant", though it also issued some good news to customers on Tuesday.

Lloyds said it is a "sad news day for scammers", as its latest data shows reports of online shopping scams fell by a fifth (20%) in the 12 months to the end of September, 2024. However, people should still take caution when making online purchases.

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. Lloyds experts said social media remains the place where "shoppers need to be most on their guard", with almost eight in 10 (77%) online shopping scams starting there.

The average amount spent on a wedding has risen nearly 20% over the past three years, Lloyds went on to say, leading to many couples comparing prices online. Fraudsters have used this to their advantage, Lloyds said, with wedding scams jumping up by almost a quarter (24%) in the 12 months to the end of September.

Those who fell for wedding scams lost £468 on average, on items including wedding dresses, cakes, stationery and favours and suppliers such as photographers. On Facebook, many wedding scams involve personalised wedding supplies, such as robes, slippers and bridesmaid gifts, Lloyds said.

Elsewhere, 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. The medications involved in this increase in reports varied from prescription medications to over-the-counter tablets alongside weight loss related medications - the latter rising a staggering 291%.

Scam reports relating to medication have fallen since then, possibly due to the wider, legitimate availability, of certain medications.

To stay safe online, people are being urged to pay attention to any warnings from their bank and to follow advice given. Lloyds also wants people to "always exercise caution on social media" and to note that cut-down prices, or items that are otherwise unavailable" should be seen as a "major red flag".

People should also avoid high-pressure tactics, be cautious with unsolicited offers, and to shop with well-known retailers. Lloyds is also warning people never to buy medication from social media as there is no guarantee it is safe or effective.