UK’s Fraud Frenzy: £11bn Lost to Scammers as Black Friday Looms
As UK consumers face a flood of online fraud, losing over £11bn in a year, the scams emergency is as big as a Black Friday sale. With 41% of adults targeted more in November and December, it’s a scam showdown where the only thing not on discount is your personal information.
Hot Take:
Who needs a heist movie when UK consumers are already starring in the blockbuster of online fraud? With £11bn gone missing, these scammers are clearly on the Forbes list of villains! But fear not, the UK government is on the case—possibly by watching reruns of “Sherlock” and “The IT Crowd” for inspiration.
Key Points:
- UK consumers lost over £11bn to online fraud in the past year.
- Fraud losses have increased by £4bn from the previous year, equating to 0.4% of the UK’s GDP.
- Shopping scams and identity theft are the most common types of fraud.
- Email is the most popular channel for fraud, with Gmail, WhatsApp, and Facebook being the top platforms.
- Only 18% of victims recover all their money, leading to low reporting to the police.
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