Money Wellness
category iconscams
calendar icon17 Dec 2024

Online shopping scams fall in 2024 - but don’t let your guard down

Scammers watch out – shoppers are onto your tricks.  

According to Lloyds, online shopping scams dropped by 20% in the year leading up to September 2024.  

It’s a "sad news day for scammers," as the banking giant put it. 

But before we celebrate, fraud is still lurking and, sadly, the stakes are even higher. The average loss to online scams has shot up by 13%, now at £545. 

Lloyds identifies three key vulnerability spots – social media, wedding scams and weight-loss medication.  

Be extra vigilant on social media  

Social media remains a hotbed for online scams.  

Nearly eight in 10 (77%) online shopping scams start on social channels. Facebook and Instagram are the prime targets, with nearly two-thirds (65%) of scams taking place on these platforms.  

So, next time you spot a tempting ad on social media, think twice before clicking. 

The great big wedding scam  

Weddings are getting pricier, up by almost 20% in just three years.  

As a result, couples are heading online to look for the best deals.  

Unfortunately, this has led to a 24% spike in wedding-related scams. On average, couples are losing £468 on wedding essentials like cakes, dresses and photographers.  

Scammers are especially active on Facebook, where fake personalised wedding supplies are common.  

Medication scams soar  

Medication scams have climbed by a staggering 71%, with weight-loss products soaring by 291%.  

While the numbers have slightly dropped since March, largely due to legitimate medications becoming more accessible, the risk remains high.  

Buying medication on social media isn’t just a gamble with your health, but it’s a wager with your wallet too.  

Liz Ziegler, fraud prevention director at Lloyds, warns:   

“Buying medications online, especially on social media, isn’t just risky for your health, but your finances too. While reports have since fallen, my advice is always to avoid buying health products on social media completely, as it’s unlikely to be legitimate and, even if a product does arrive, you can’t guarantee it’ll be safe – it’s scandalous that fraudsters are able to use these platforms to advertise and sell products that have the potential to cause serious harm.”  

How to protect yourself from online scams 

While you can't wrap yourself in bubble wrap to avoid fraudsters, taking these steps will help you stay protected: 

  • Pay attention to warnings from your bank: they know the red flags.  

  • Be wary of social media ads and unsolicited offers: if it looks too good to be true, it probably is. 

  • Avoid buying medication from social media: it's risky for your health and your finances. 

  • Stick to trusted, well-known retailers. 

  • Don’t fall for high-pressure sales tactics: take a step back and think. 

  • Be suspicious of rock-bottom prices: scams thrive on unrealistic deals. 

  • Look out for poor spelling or odd writing styles: it could be a sign of a scam site. 

  • No contact info on a website? Something could be amiss.  

  • Don’t use bank transfers as it’s harder to recover money. 

  • Check out a website’s credentials on a site like who.is. 

 If you’re scammed: 

  •  Call your bank immediately (you’ll find a number on the back of your card). 

  • Report social media scams to the relevant platform. 

Want more tips on staying one step ahead of scammers? Check out our guide of how to outsmart online scammers.  

 

Avatar of Gabrielle Pickard Whitehead

Gabrielle Pickard Whitehead

Gabrielle is an experienced journalist, who has been writing about personal finance and the economy for over 17 years. She specialises in social and economic equality, welfare and government policy, with a strong focus on helping readers stay informed about the most important issues affecting financial security.

Related posts

scams

17 Dec 2024

How loneliness makes you vulnerable to scams – especially at Christmas

Impersonation and romance scams are rising