Investment Scam Claim Accounts for 1/3 of Claims Amount by Victims in 2024, Reveals Barclays Research

New research from Barclays shows that one in five consumers (18%) fell victim to scams in 2024, with 93% of these incidents occurring online. Additionally, 43% of consumers were targeted but managed to identify the scam before losing their money.

Some consumers’ loved ones were also targeted. Over a third (34%) know someone who has been scammed, with 17% reporting that their parents were victims and 8% saying their grandparents were targeted. 42% have been asked by friends or family members for help in identifying scams.

Barclays' data reveals that January 2024 saw the highest value of reported scams, driven largely by a spike in investment scams, which accounted for 53% of the month's claim values. The average investment scam claim last year was £15,564, making up £1 in every £3 claimed by victims, despite only representing 4% of reported scam volumes.

By contrast, purchase scams made up the largest share of scam reports, accounting for 74% of claims but just 24% of the total scam value, with an average claim of £650. Romance scams, which peaked in June, accounted for 5% of total claim value but only 2% of overall scam volumes in the past 12 months.

The research also revealed that half of Brits (52%) feel overwhelmed by the variety of fraud tactics due to the ever-evolving methods used by scammers. Consumers are most familiar with fake delivery scams (83%) and HMRC scams (80%). However, less than two in three are aware of AI cloning (62%) and recruitment scams (62%).

The majority of scams reported by Barclays customers (75%) originated on social media and tech platforms. 74% of respondents believe there are more scams online than a year ago, and 32% feel less confident in their ability to spot scams.

Barclays listed the top 10 scams in 2024 based on those that have either fallen victim, known someone who has, or have been targeted by a scam:

1. Fake delivery scam – 51%
2. HMRC scam – 42%
3. Purchase scam – 40%
4. Online marketplace scam – 38%
5. Hello Mum WhatsApp scam – 37%
6. Investment scam – 32%
7. Advance fee scam – 32%
8. Ticket scam – 30%
9. Parking scam – 30%
10. Romance scam – 30%

In addition, Kirsty Adams, Barclays Fraud and Scams expert, offers these tips to stay ahead of scammers in 2025:

• Never disclose personal details: Banks will never ask for your debit card PIN, password, or complete online banking login details.
• Verify company details: Double-check contact details by visiting official websites and calling the listed number directly.
• Take your time: Don't rush into online purchases or investments. Legitimate companies won't pressure you.
• Be skeptical of promises: If it sounds too good to be true, it probably is. Be wary of promises of unrealistic returns.
• Beware of scam texts: Always read the full message about a one-time passcode for authorization to ensure it matches your transaction. If it doesn’t, stop the transaction and don't use the code.