Fraudsters are targeting vulnerable people through "advance fee" scams - where victims are asked to pay money upfront for goods or services such as loans that never materialise.
Lloyds Bank has issued a warning about this type of scam and says the number of them have soared in the last year. People with a poor credit history are particularly likely to be targeted as households feel the squeeze from cost of living pressures.
The number of "advance fee" frauds reported to Lloyds Banking Group by customers jumped by 82% across 2022, compared with 2021. The average amount of money lost by victims in 2022 was £711, lower than an average of £1,194 in 2021, suggesting fraudsters may be pursuing a higher volume of lower value scams in the current economic environment.
