We’re joining UK Finance’s call for social media scams to be included in the upcoming Online Safety Bill.

Fraud has rocketed over the course of the pandemic as more people have moved to shop and invest online. Fraud is now one of the most common crimes in the UK today, carried out by a wide range of offenders – from opportunist criminals to sophisticated organised gangs – and costing victims and the wider economy billions of pounds each year. The banking trade body, UK Finance, has described current levels of fraud as ‘a national security threat’. And the impact isn’t just financial; fraud also has a devastating impact on individuals’ emotional and physical well-being.

While there’s a great deal already being done within the banking sector and beyond, at Lloyds Banking Group we’re joining UK Finance’s call for tougher Government-coordinated action across industries.

Recognising fraud

Taking things back to basics, we recognise that one of the most important steps in tackling fraud is educating the public. Some of the most recognisable scams continue to be those which people are most likely to fall victim to.

Purchase scams trick people into paying for goods and services that don’t exist, often advertised on social media. These are often heavily discounted with payment via bank transfer rather than secure payment via an official online platform. Puppies, phones, gaming consoles, scooters and trainers are all items where shoppers should be particularly vigilant when…

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