Lloyds Bank has warned all social media users of scams after data shows people are losing out on average around £570. There is a rising number of people losing out on money from online fraudsters.
Recent data shows Facebook and Instagram purchase scams are expected to cost people in the UK more than £27m this year. According to Lloyds Bank due to the popularity of online shopping and an increase in scammers it is leading to people paying for items that simply don't exist.
As reported by Liverpool Echo, Lloyds said the victims of these scams can often be lured by cheaper or hard to find items. People are asked to send money directly from their account to another account via bank transfer, which provides very little consumer protection when something goes wrong.
