TSB issues purchase fraud warning during busy sales period as social media scams continue to target consumers

• TSB warns of spike in fraud over seasonal shopping months
• Purchase fraud accounts for over half (55%) of all fraud cases at TSB
• Social media sites driving up scam cases for consumers 
• Cases study notes and fraud advice in notes to editors 

As consumers ready themselves for Black Friday and Christmas, TSB is urging consumers to be vigilant when shopping online – as it reveals Purchase Fraud accounted for over a half (55%)¹ of all fraud cases this year.

New TSB data also shows that social media platforms continue to lead to significant fraud losses for consumers. TSB found that Facebook accounted for two thirds (67%)² of all purchase fraud losses by volume, and 59 percent by value. This is followed by Instagram, which accounts for sixteen percent of purchase fraud by volume, and almost a third (29%) by value.

UK Finance data shows that £42 million was lost to purchase fraud in the first half of 2024 – and with almost 70,000 cases that averages 375 cases every day.

TSB’s fraud team is warning consumers to be vigilant to some of the commonly scammed items³: 

• Concert Tickets
• Football tickets
• Cars (specifically deposits)
• Clothes, including trainers
• Children's toys
• Games consoles
• Services (specifically home repairs refurbs)
• Designer items like bags and higher value shoes
• Electrical goods like phones & laptops
• Motorbikes 

Warning on sub £100 scams

TSB also found that almost half (48%) of purchase fraud cases are £100 or less - as the bank issues a warning to consumers that they could be left without a refund.

Under the Payment Systems Regulator’s new fraud rules³, TSB has chosen not to apply a £100 excess per fraud claim, due to the high level of scam victims that would be excluded from a refund – as much as a third⁴ (32%) of all push payment fraud cases.

Nicola Bannister, Director of Customer Support, TSB, said: “At this time of year, we’re all shopping online more than ever – but it’s important to be wary of scams on social media platforms, as crooks are listing items that simply don’t exist.

“We’d advise sticking to reputable websites and only buying an item you’ve found on a social media platform if you can view it in person first.”

Notes to editors

1. TSB customer data: January – October 2024 for authorised push payment fraud
2. TSB uses the methodology of ‘when the platform was reported’ and excludes cases that have not been categorised. 
3. TSB analysed customer data to issue consumer warnings over the most scammed items 
4. TSB customer data shows that a third (32%) of all fraud cases are sub £100 

Fraud advice from TSB’s Nicola Bannister

• It really pays to stick to reputable shopping sites that offer consumer protections and platforms that have payment platforms so you can pay a seller directly in a secure way
• Due to the alarmingly high rate of fraud on social media platforms, we encourage you to avoid using social media sites for shopping unless you are able to meet the seller in person  and view the item first
• Take your time and don’t be pressurised by a seller
• We all like a bargain, but question whether the offer is ‘too good to be true’ 
• Use a card to pay – as card payments have the highest level of consumer protection if anything goes wrong 

Case studies – first scams refunded under the new PSR scheme

For instance, TSB refunded £100 to a female scam victim from Motherwell who fell foul of a purchase fraud on Facebook. Upon paying £100 for a deposit, the seller demanded another £100, and a 25 percent up-front fee for the car to be delivered. The seller was then told to visit a local garage to pick the car up – but upon arriving she was told there was no car, and that three other scam victims had also visited this location.

A male customer fell foul on X after paying £50 for a ticket to a concert that was happening that evening. The seller sent him a screenshot with the ticket on as proof – and once payment was made, the customer was then blocked.