WhatsApp scams are now the fastest growing form of impersonation fraud, according to new analysis by Lloyds Bank.
Criminals are increasingly turning to WhatsApp as their weapon of choice by impersonating family members or friends who are in difficulty. While only a handful of examples were recorded each month during 2020, the total number of scams reported as starting on WhatsApp had soared by more than 2,000% (a 20-fold increase) by the end of 2021. Victims on average lost around £1,950 each.
More traditional scams where fraudsters impersonate a bank, the police or an institution like HMRC still account for the vast majority of reported impersonation fraud, however the number of those actually dropped by around 14% last year.
The rate of growth in WhatsApp scams is another sign of how organised criminal gangs are always changing their methods, and the speed with which they can adapt. While banks are constantly evolving their fraud detection systems to try to counter these new threats, it also reiterates the importance of the role other sectors have to play in combatting fraud, with almost all scams now starting online, through social media or via a phone call or message.
How the WhatsApp scam works
How to stay safe
Liz Ziegler, Fraud Prevention Director at Lloyds Bank, said: “Organised criminal gangs are always inventing new ways to dupe people out of their hard-earned cash, and the emergence of the WhatsApp scam over the last year shows the depths to which these heartless crooks are prepared to sink.
“This is a cruel scam which preys on someone’s love for their family and friends, and that natural instinct we all have to protect those closest to us.
“With fraud on the rise it’s vital that people are aware of the warning signs and how to stay safe. Never ever trust a message from an unknown number without first independently verifying the person’s identity, even if it claims to be from someone you know. Always insist on speaking to someone before sending any money.”
Disclaimer
Lloyds Banking Group plc published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 10:58:10 UTC.
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