Lloyds Bank issues stark £545 warning to customers | Personal Finance | Finance

Lloyds Bank has issued a warning to all customers as its experts urge online shoppers to be “wary and vigilant”. The UK banking giant shared some good news on Tuesday, as it declared a “sad news day for scammers”.

The message comes as Lloyds 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, as fraud remains a risk.

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.

Lloyds chiefs went on to say that the average amount spent on a wedding has risen nearly 20% over the past three years, leading to many engaged couples seeking out competitive prices. This, Lloyds said, has seem scammers pounce – with wedding scams jumping up by almost a quarter (24%) in the 12 months to the end of September.

Couples who were tricked 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 urged to:

• Pay attention to warnings from your bank: If we alert you when setting up payees or making unusual payments, follow the advice given.
• Always exercise caution on social media: It’s hard to verify the authenticity of profiles or the products they are selling. Remember, most online shopping scam reports we receive relate to things purchased through Facebook or Instagram. If the seller is offering expensive goods at cut-down prices or has items that are otherwise unavailable – it’s a major red flag.
• Avoid high-pressure tactics: If a seller is rushing you or sending numerous messages, take a moment to reconsider. This behaviour often indicates pressure selling.
• Be cautious with unsolicited offers: If someone you don’t know contacts you with an offer, stay alert. Trustworthy sellers typically don’t need to reach out this way.
• Shop with well-known retailers: The safest online shopping experience comes from buying from reputable retailers.
• Never buy medication from social media as there is no guarantee it is safe or effective.