TSB sees 35% rise in purchase fraud cases

The number of purchase fraud cases seen by TSB increased by 35%, largely driven by social media platforms.,  between January and October 2023, with an average loss of over £500 per case.

Ahead of the busy Christmas shopping period, TSB is warning consumers about the increased risk of purchase scams, as the bank reveals a 35 per cent spike in cases.

Purchase fraud, when criminals trick people into paying for goods and services that don’t exist, is by far the biggest driver of scam cases across the banking sector. It accounts for over half (52%) of all cases at TSB, with 77,000 cases2 recorded by UK banks in the first six months of 2023 alone – over 400 a day.

Scam cases originating on Facebook Marketplace account for 77 percent of all purchase scams at TSB. Instagram follows, with nine percent then Twitter (4%), Snapchat (3.5%) and eBay (2%). TSB highlights that eBay’s payment platform and customer verification has led to a miniscule fraud rate, compared to Facebook Marketplace.

TSB is advising consumers to stick to trusted outlets that allow customers to pay for items using a secure payment platform like eBay, Amazon, Vinted and Gumtree.

It  is also urging consumers to be wary of adverts selling pets, holidays, cosmetics, jewellery and watches – as these categories all claimed a significant number of victims.

Paul Davis, TSB Director of Fraud Prevention, said “At this time of year, many of us are looking online for a bargain. But it can quickly go wrong when shopping on social media sites – which are rife with scam adverts for items that simply don’t exist.”

“Over this busy shopping period, it really pays to stick to responsible shopping sites that offer payment platforms. And don’t be easily caught out by a bargain you see on social media – if it seems too good to be true, it probably is.”

Top 10 scammed items

	% of cases	Average loss
Vehicle/Parts/Hire	20%	£955
Concert/Event/Sports Tickets	11%	£193
Shoes/Trainers	8%	£174
Appliances/Gadgets	6%	£225
Clothing/Accessories	6%	£203
Tradesperson/Tools/Materials	6%	£1,358
Mobile Phone	5%	£275
Games Console/Games/Toys	5%	£144
Property/Rental/Accommodation	4%	£862
Furniture/Homeware	4%	£286