UK consumers scammed online in past year

Home » News & Knowledge » Six million UK consumers scammed online in past year – Can I get my money back?

According to figures from Which?, more than six million online shoppers have fallen victim to a scam in the past year.

Meanwhile, social media platforms and online marketplaces have become the most common place for people to get scammed.

UK Consumers Scammed Online

Figures reveal that approximately 6.6 million British shoppers have lost money to scams over the last 12 months, with nearly 5 million of those affected being targeted on platforms such as Facebook, Instagram, YouTube, Amazon and WhatsApp.

These platforms, alongside others like TikTok, Google, and X (formerly Twitter), have been rife with scams that continue to affect millions of users.

The report comes as the UK government’s voluntary Online Fraud Charter marks its first anniversary. The charter was signed by tech companies aimed at combatting online fraud by introducing new measures to protect social media users from fraudulent content.

However, despite these commitments, questions have been raised about the effectiveness of the Charter as the number of scams reported continue to rise.

According to Which?’s findings, the vast majority (63%) of scams occurred on social media platforms, with 42% of victims reporting fraud via search engines, 39% on online marketplaces, and 23% through messaging services. The most common platforms for scams were Facebook (37%), Google (33%), Instagram (20%), Amazon (18%), and WhatsApp (18%).

Which? surveyed over 2,000 UK adults to determine whether the charter has had an impact on the number of scams consumers encounter on online platforms and whether they feel safer online in the year since the initiative began.

However, nearly 73% of UK adults said they didn’t trust the ads they saw on social media and search engines, while a third (34%) reported feeling less confident in using online platforms compared to a year ago. Only 3% said they felt more secure.

The prevalence of scams has left consumers increasingly anxious, with 22% of respondents encountering suspicious ads or messages every day over the last six months.

Rocio Concha, Which? director of policy and advocacy, said:

“For every week the government fails to take action, we lose millions to fraudsters and organised crime groups – taking money from productive firms, reducing overall levels of investment in the UK economy and damaging consumer confidence.

“The government and regulators need to act urgently to tackle the fraud epidemic or risk millions more falling victim to scammers.”

I have been scammed – Will I be able to get my money back?

From October 7 this year, new regulations came into place which means that banks, in most cases, must refund victims who have been scammed and sent money to a fraudster via a bank transfer.

The new rules cover scams involving UK bank transfers made via Faster Payments or CHAPS. However, payments made by card, cash, or cheque are not included.

When do the new rules apply?

The new regulations apply to payments made on or after Monday, October 7, 2024. Payments made before this date fall under the old voluntary code of practice.

Which financial institutions will refund me?

All banks, building societies, e-money firms (such as prepaid card providers), and savings providers are covered by the new regulations.

How much can you claim back?

Banks are required to refund up to £85,000, though they may choose to refund more. The Payment Systems Regulator (PSR), the authority behind the new rules, believes this cap will cover 99.8% of APP scam cases, reimbursing around 90% of the total value lost.

Initially, the cap was set at £415,000, but was lowered to avoid discouraging investment and innovation in the financial sector. If your losses exceed £85,000 and you believe the bank is at fault, you can file a complaint with the Financial Ombudsman Service, which has a limit of £430,000.

How quickly can you expect a refund?

In most cases, banks aim to issue refunds within five working days. However, if your case requires additional investigation, the bank may take up to 35 working days.

Contact Oakwood Solicitors Ltd today if you have been a victim of a bank scam.

Why should I contact Oakwood Solicitors Ltd?

If you have been a victim of a scam, contact Oakwood Solicitors Ltd today to find out how we can help you. We can help assist you in your claim and help you retrieve the money that is rightfully yours.

Six million UK consumers scammed online in past year – Can I get my money back?