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77% of financial scams originating on social media, banks warn

May 09 2023

Data published by Barclays has suggested that 77% of financial scams carried out in the UK originate on social media.

Social media platforms, dating apps and online marketplaces have experienced an influx of criminals carrying out scams, with many cases featuring impersonation and purchase fraud.

Figures published recently by trade association UK Finance indicated that 56% of the total amount lost as a result of scams was returned to victims during the first half of last year.

Experts have suggested that big tech should be held responsible for stopping scams at source and help to resolve cases of fraud for victims.

Commenting on the issue, Rocio Concha, Director of Policy at consumer group Which?, said: 'The Online Safety Bill has been going through Parliament for more than a year and progress has been much too slow, with people still being scammed every day.

'The government must take a vital step in the fight against fraud by ensuring the Bill includes the strongest possible protections for consumers and is passed into law without further delays.'

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