£9.4bn lost to scammers in the past year

New research by the Anti-Scam Alliance (GASA), in partnership with Cifas and Tietoevry has found that scammers stole an estimated £9.4 billion from consumers over the past 12 months with the report highlighting that one in five (20%) adults say they were targeted and had money taken, with the average victim having £878.60 stolen.

The report found that younger adults and even children are increasingly being targeted. Millennials (29-44-year-olds) had an average of £1,456.90 stolen – more than triple the losses reported by Gen X (those aged 45-60), with £444.10. Alarmingly, 16% of UK parents with children aged 7–17 say at least one has been the victim of a scam.

Shopping (purchase) scams were the most common type of fraud, affecting 45% of victims. And while many believe they can spot a scam, those who claim they “always recognise a scam” had more taken than anyone else – averaging £1,591.90.

Despite the scale of the problem, 77% of victims did report the scam to their payment service, and nearly half (47%) were able to recover at least part of their money. Encouragingly, 91% of adults say they take steps to verify whether an offer is genuine.

With Black Friday and the festive season approaching, GASA, Cifas and Tietoevry Banking are urging consumers to stay alert. Scammers often exploit seasonal shopping spikes and target people through platforms with direct messaging functions.

Jorij Abraham, Managing Director of GASA, said “Scams are no longer isolated incidents. They’ve become a systemic, data-driven threat to the UK’s digital economy.

“This report provides the evidence policymakers and businesses need to act decisively, share data and intelligence faster, and coordinate prevention as effectively as the scams themselves. Only through cross-sector collaboration can we protect every household from this growing epidemic.” 

Mike Haley, CEO of Cifas said “Fraud is a national emergency costing the UK billions each year and affecting millions of lives. What’s especially alarming is the growing number of younger victims, including children, being targeted by increasingly sophisticated scams. As we head into the busiest shopping season of the year, it’s vital that consumers stay vigilant and verify before they buy.

“At Cifas, we’re committed to empowering individuals and organisations with the tools they need to spot scams early and stop it in its tracks – and that includes helping parents and schools protect children from becoming victims.”

Gunnar Koren, Head of Financial Crime Prevention at Tietoevry Banking, said  “The report shows that while 80% of people feel confident spotting scams, professional fraudsters have evolved far beyond what most consumers are prepared for. Operating on a global scale, using Crime-as-a-Service networks and AI-driven tactics, today’s criminals create highly targeted and convincing attacks.

“With 76% of individuals encountering scams and a third of UK victims reporting a mental wellbeing impact, it’s clear that it is not only a matter of financial losses but also in confidence, trust, and mental wellbeing. We need closer collaboration across the financial ecosystem, from banks to tech platforms, to strengthen detection and protect end-consumers.”