According to Barclays research, almost one in five (18 per cent) consumers were scammed last year, and over a third (34 per cent) know someone who fell victim. In 17 per cent of those cases, the people we surveyed said it was their parents and in 8 per cent of cases, it was their grandparents who were targeted. More than ever, it is vital that consumers are informed enough to spot a scam and understand what signs to look out for.

Falling victim to a scam can happen to anyone, at Barclays, our focus is to arm people with information and advice on how to stay scam safe.

Barclays data shows that across all the different scam types reported by its customers, the vast majority start online. Three quarters (75 per cent) of scams reported started on social media or tech platforms. Criminals are increasingly thinking digital-first, but scammers still target victims using more traditional channels, such as scams that begin over the phone or by post. 

Thanks to vital campaigning from across the banking industry and in the wider media, there is real awareness of prevalence of fraud and scams. Over four in five (83 per cent) of consumers said they were conscious of fake delivery scams, and 80 per cent said they’re familiar with HMRC scams. Newer and more technological scams are lesser known. Under two thirds (62 per cent) are aware of AI voice cloning scams, where scammers use technology to replicate the voice of the victims’ friends and loved ones, in order to deceive them.

Recruitment scams are also less understood, with only 62 per cent of consumers aware of them. In a challenging labour market, more will need to be done in 2025 to educate people.

Technology never stands still, and, regrettably, neither do the criminals who use it to take advantage of susceptible consumers.

Barclays data shows investment scams are becoming increasingly prevalent, last year accounting for £1 in every £3 claimed by those who fell victim to a scam, with the average claim amounting to £15,564. That’s an increase of almost £1,300 in comparison to 2023, and far higher than any other scam type.

Barclays research shows that, worryingly, 23 per cent of consumers look to social media, community messaging apps and online forums for investment guidance, with the role of so-called ‘finfluencers’ becoming increasingly important.

Sadly, given the space is largely unregulated by tech firms, and only 49 per cent of consumers do regular checks of ‘finfluencers’ who promote investment guidance on social media, it feels like far more needs to be done to stop scammers at source and clamp down on misinformation.

It is clear from our research that consumers are looking to technology companies to be more pro-active when it comes to stopping scams from starting on their platforms. Over three in four (76 per cent) consumers told us that they want to the big tech firms taking more action, and 64 per cent want these organisations to go further and see those firms take responsibility for the reimbursement of victims themselves.

To stop scammers and fraudsters, information sharing is going to be crucial. As we approached Black Friday in 2024, Vim Maru, CEO of Barclays UK, made a call for data sharing between sectors to become compulsory and for a nominated government lead to oversee and mandate this change. According to new research from CIFAS, published in November 2024, UK consumers lost £11.4 billion to scams over the last 12 months, which is an increase of four billion from the 12 months prior. It is only with true co-operation this number will come down in 2025.