Social Media Enabling Fraud

 

A new survey by Barclays Bank has revealed how seven out of ten scams perpetrated on 18 to 24-year-olds originated on social media.

Within this 76 per cent of the scam complaints made were around purchase frauds.

Perhaps unsurprisingly, 73 per cent of those surveyed said they believed that tech companies needed to do more to stop fraud.

The research also found that four out of ten of the younger age group felt they were vulnerable to scams on social media.

Barclays’ Fraud and Scams Expert, Kirsty Adams, said “Social media is the number one way scammers target victims of all ages, but our data shows young people are particularly susceptible. This is likely due to the sheer amount of time they spend on these platforms, and how comfortable they are shopping and making payments online.”

Across all scam types, the average loss reported  for younger consumers was significantly lower than the rest of the population, at £701 versus £2,914 respectively, showing older Brits are more likely to fall victim to higher value scams.

If you have been scammed and need help to recover your money fill out our Fraud Reclaim Form or call us for advice on 0333 9998791.