Credit, Collections & Insolvency News
New Figures from Barclays have shown a surge in fraud cams amid the coronavirus crisis and lockdown, with fraud up 66% in the first six months of the year and climbing a further 5% in July.
Barclays found that scams relating to investments were up by 49% last month – the biggest increase the bank’s analysis has ever reported.
Fraud scammers have taken advantage of their reputation as social engineers to cash in on lockdown with scams are up 66% in the first six months of this year, the trend showing no signs of slowing as recent figures indicate volumes for July are up a further 5% on June data.
The situation is reflected when looking at the value of scams too, with a 7% increase from June to July 2020. The increase is even more significant when compared to May (61%), suggesting that Brits’ efforts to regain normality through increased spending is providing scammers with an opportunity to line their pockets.
This month has seen a significant increase in the volume of investment scams being perpetuated up 49%. This is the highest Barclays has ever reported.
The delayed spike in Investment scams, compared to other forms of scam, is because of the time it takes people to realise they have even been a victim. For example, many could have been waiting for confirmation of an investment which never came meaning they didn’t realise until it was too late.
Jim Winters, Head of Fraud at Barclays said “Fraudsters have undoubtedly taken advantage of the nation’s uncertainty during the pandemic, in what is just another moment in the historical evolution of scams. The immediacy of our lives, even during lockdown, has allowed scammers to harness the constantly changing news agenda to target their victims, which is why we all need to remain vigilant.”
“I would urge everyone that if they are ever in doubt and something doesn’t sound right, to take the time to check it out, or get a second opinion from someone you trust.”
