A third of Brits have fallen foul to purchase fraud, warns TSB – as losses spike
TSB is warning consumers to be on their guard against widespread purchase fraud ahead of Black Friday and Christmas, as new research reveals one in three Brits (33%) has fallen victim to a purchase scam on social media or second-hand platforms.
TSB’s own internal data found that purchase fraud is a growing problem – accounting for over two fifths (45%) of all TSB bank transfer losses, and up by four percent (4%) year-on-year.
Polling commissioned by TSB, reveals that younger shoppers are most likely to have experienced purchase fraud, with almost half (49%) of 25–34-year-olds and over two fifths (44%) of 18–24-year-olds having been caught out.
Overall, over half (53%)3 of Brits surveyed have either fallen victim to purchase fraud themselves or know someone who has, highlighting the scale of the issue.
With Black Friday and Christmas approaching, polling shows that consumers expect to spend an average of £245 on gifts and purchases over this period.
TSB is urging consumers to be vigilant – with customer data showing that purchase fraud losses total £2.3m at TSB this year alone and with an average loss of £540 per customer.
TSB’s customer data also reveals that Facebook accounts for two thirds of cases (65%)6, followed by TikTok (14%), Snapchat (7%) and Instagram (6%).
Most scammed items
Banks see all types of items and services scammed via purchase fraud. The biggest financial loss for purchase fraud is vehicles; followed by holidays & flights, tickets , car parts, pets and accessories.
TSB also sees items such as clothing and phones commonly scammed – and even vapes made the most-scammed list.
Bargain hunting could leave shoppers exposed
Polling found that due to the cost of living, over two fifths (42%) of Brits plan to rely more on discounts. Meanwhile, over a third (37%) plan to shop through second-hand marketplaces and a third (34%) through social media platforms, where fraudulent sellers and listings can be harder to identify.
However, TSB found that four in ten Brits (41%) are not confident they can distinguish AI-generated images from genuine photographs when shopping online.
Richard Daniels, director of fraud prevention, TSB, said: “Alarmingly, purchase fraud is a growing problem – so we’re urging consumers to be especially careful where and who they shop with as we enter the busy sales, and Christmas shopping period.
“The sheer scale of shopping scams shows that you just can’t fully trust a seller online – so be cautious and consider sticking to official sites, or marketplaces that offer a payment platform. Shop safely this autumn and winter.”