Barclays has introduced a monthly ‘Scams Bulletin’ aimed at informing consumers about the latest trends in criminal fraud tactics.
The Bulletin compiles data from claims made across all Barclays personal and business current accounts, providing insights into emerging fraud trends and helping consumers learn how to identify and prevent scams while protecting their funds. The inaugural Bulletin presents a comparison of data month-to-month since the beginning of 2024, revealing that the total value and volume of scam claims in March and April fell by 15.7% and 7.1%, respectively, compared to January and February. Notably, while invoice and mandate scams are on the rise, police and bank impersonation scams have significantly decreased.
Barclays has observed that claims related to invoice and mandate scams have doubled among individuals aged 61-70, with average claims reaching £12,000—a 24.6% increase over previous months. Kirsty Adams, a fraud and scams expert at Barclays, explains, “Invoice scams are becoming increasingly sophisticated. Scammers create fake emails that request invoice payments, which can appear very legitimate.”
Adams advises, “It’s always prudent to double-check invoice and payment details against previous documents, and if there’s any doubt, verify the details directly with a known contact from the business over the phone.”
In March and April 2024, scams conducted via text or messaging apps accounted for 8.2% of all scam claims, a slight decrease from 8.5% in January and February. These methods represented a smaller portion of the total value of claims at 5.6%, with the average loss amounting to £2,100.
“Social media remains the leading source of scams, but our data indicates that scammers are also frequently reaching victims through text messages,” Adams warns. “There’s a concern that people may assume a message is genuine simply because it comes from a familiar number.”
Family and friend impersonation scams, where criminals pose as someone known to the victim to solicit money, have become alarmingly prevalent. Scammers also exploit mobile communication for investment and advance fee scams, tricking victims into paying upfront for services or products that are never delivered.
“We urge everyone to remain vigilant and conduct due diligence before responding to any unfamiliar number. If you suspect you’re communicating with someone you trust, give them a call to confirm. And be cautious if you receive an unsolicited message requesting money,” Adams advises.
The Bulletin indicates that police and bank impersonation scams have decreased in both volume and total value between March and April, suggesting that consumers are becoming more informed and cautious regarding these tactics.
Adams notes, “While there are fluctuations in scam tactics throughout the year, it’s encouraging to see a decline in impersonation scams. With ongoing efforts across the industry to educate consumers, it’s hopeful that awareness is increasing. Still, our work is far from over; as scammers’ tactics evolve, we must continue to equip the public with the necessary information and tools to recognize and prevent scams.”