Fastest growing scams of 2024 revealed
The fastest growing scams of 2024 have been uncovered in a new study which reveals 42% of British adults have been targeted by a scam in the last 12 months.
According to new NatWest data, fake parcel delivery texts, social media marketplace scams and AI-powered voice cloning scams are among some of the modern cons that have seen the biggest rise this year.
NatWest research, which combines industry data with a national survey of 2,000 British adults, highlights the emerging and evolving types of scams in 2024. £570m was reported stolen by scammers in the first half of 2024, with scammers targeting adults on average four and a half times a month.
Impact of scams on different demographics
Young adults aged 18-24 were most targeted by scams this year with 55% approached by scammers in the last 12 months and 60% either experiencing financial loss themselves or knowing someone who has. In contrast, among those over 65, only 15% are aware of either themselves or someone they know losing money to a scam.
The research showed a notable rise in social media marketplace scams targeting 18–34-year-olds, with a quarter (25%) reporting encounters with fake profiles advertising non-existent goods in the past 12 months. By comparison, only 7% of those over 65 experienced this type of scam.
The bank commissioned the research to keep consumers informed about the ever-changing landscape of scams, as well as illustrating the technological advancements and increasing sophistication of modern scams.
The ten fastest growing scams this year are:
1. Fake Parcel Delivery Texts – (40%)
Fake parcel delivery texts involve scammers sending fake delivery notifications for parcels, prompting the recipient to click on a link to reschedule delivery or pay a fee. The link often leads to a phishing site designed to steal personal information or install malware on the victim’s device.
2. Social Media Marketplace Scams – (30%)
Criminals use platforms like Facebook Marketplace, Instagram, or TikTok to advertise and sell products that do not exist. Fake profiles are created to advertise popular and in-demand goods (often using stolen photos from real sellers) and list attractive offers to lure victims into making purchases. Once payment is made, the promised goods never arrive, and the fake account disappears.
3. Artificial Intelligence (AI) Voice Cloning Scams – (30%)
Using AI voice cloning technology to deceive victims by creating realistic audio impersonations of trusted individuals or authorities, for example to ask for authorisation of fraudulent transactions or solicit sensitive information.
4. Money Request from Friend or Family Scams – (29%)
Scammers posing as someone you know to urgently request money, often through phone, email, or social media, to exploit your trust.
5. Event Ticket Scams – (28%)
Scammers selling counterfeit or non-existent tickets to popular events, such as gigs, concerts, or sports games – victims purchase tickets online or through social media, only to discover that the tickets are invalid or never arrive.
6. Cost-of-Living Assistance Scams – (25%)
Scammers exploiting individuals’ financial vulnerabilities by offering fake assistance programs, grants, or loans to help with living expenses, only to steal the money or use the information for identity theft.
7. Tax Rebates Scams – (24%)
Fraudulent emails, phone calls or text messages offering fake tax rebates, either claiming people are due a refund or asking them to request one – which are aimed at stealing personal information or money.
8. Refund Scams – (23%)
Scammers claim you are owed a refund to steal personal or financial information. They may contact you by phone, email, or text, posing as a legitimate entity to trick you into revealing sensitive details or sending money.
9. Deep-fake Celebrity Endorsement Scams – (22%)
Creating deepfake videos using AI of celebrities or trusted brands such as news outlets to promote fraudulent schemes, such as investment opportunities.
10. Get Rich Quick Investment Scams – (22%)
“Get Rich Quick” investment scams are fraudulent schemes that promise high returns with little risk or effort in a short period. Scammers often use persuasive tactics and fabricated success stories to lure individuals into investing their money.
Public awareness and response
A third (33%) of British adults disclosed that if they did lose money to a scam, they would not feel comfortable discussing the loss with family or friends, while 86% of the public believe that more should be done to stop scams at their source.
Nevertheless, British adults have stayed alert, with 62% indicating that they identified scams before losing any money when approached.
Impact of AI on scams
Advancements in AI are also contributing to the new forms of scams, as AI-driven technologies such as deepfake software, automated phishing systems, chatbots, and advanced data analytics allow scammers to create highly personalised and convincing fraudulent schemes, quickly and easily.
86% of British adults say they are concerned that rapid developments in AI will give scammers new ways to con people – with 59% of adults also saying they think identifying AI-based scams is becoming increasingly difficult.
Despite the tactics used by fraudsters, public confidence in avoiding scams has increased by over 29% compared to 2023. However, two thirds (66%) of British adults say they are concerned that a vulnerable family member will fall victim to fraud.
Regional disparities in scam prevalence
Around the UK, Wales experienced the most significant increase in fake parcel delivery texts, with 40% of people reporting a higher risk of these scams in the last 12 months. This figure is 11% above the national average. Meanwhile, Northern Ireland saw the largest increase (26%) in money request scams, where criminals pose as ‘family’ or ‘friends’ to trick individuals into transferring money to their accounts.
Scottish adults were targeted more frequently than those in other regions, encountering scams an average of seven times per month compared to the national average of four and a half times.
Expert advice
Stuart Skinner, fraud expert from NatWest, said: Fake parcel delivery texts are the fastest-growing scam this year. Think about it: would a real delivery company ask you to follow a link and make a payment? Be wary of urgent messages or those asking for payments or to download an app – this will often contain spyware. Or it might be the first step for the criminals to contact you later to continue the con in a different way.
Are you looking at deals on social media? Do you really know who you’re giving your payment details to when you click through an advertisement on a social media platform? Double-check with your friends or family for a second opinion.
AI voice cloning scams are a relatively new form of fraud where scammers use advanced tech to imitate someone’s voice, which can be pretty convincing. If you get a call that sounds like it’s from a friend or family member asking for money or personal info, take a pause. Hang up and give them a call back on a number you know is legitimate. And remember, don’t trust the number popping up on your caller ID—scammers can fake that too!
To help you in the fight against fraud in the ever-evolving world of scams, keep up to date on the NatWest Security Centre.”
