Lloyds Bank has issued a stark warning to all social media users as a rising number of people are losing out on around £570 each on average.
It comes as data shows Facebook and Instagram purchase scams are expected to cost people in the UK more than £27m this year alone. Lloyds said the combination of a rising popularity of online shopping and a surge in fraudsters is leading to people paying for goods that simply don't exist.
Victims can often be lured in by the promise of cut-price or hard-to-find items, the banking giant said.
