Given that internet platforms remain a haven for fraud, this alarming increase emphasizes the urgent need for improved preventive measures.

According to Barclays' data, January is the month with the highest number of scam claims. These claims are mostly related to investment scams, which account for 53% of claimed financial losses despite making up just 4% of scam incidences. On the other hand, although they made up 74% of scam reports, purchase frauds only accounted for 24% of the total amount of money stolen. Given that the average claim skyrocketed to £15,564, indicating the severity and sophistication of these schemes, this discrepancy highlights the enormous stakes involved in investment frauds.

The top scams that people who have been hacked or know of have been targeted are also included in the Barclays research. Fake delivery scams top the list, impacting 51% of respondents, and are closely followed by HMRC scams and purchase scams, demonstrating the broad reach and variety of strategies used by scammers.

With 83% of consumers identifying phony delivery scams and 80% being aware of HMRC frauds, consumer knowledge of specific scams is still strong. Only 62% of respondents were aware of AI cloning and recruiting scams, which suggests that the general public is unaware of these more recent types of fraud.

Kirsty Adams, a Barclays Fraud and Scams expert, highlights how scam techniques are always changing, especially on social networking sites where most of them start. Adams emphasizes the value of being alert, particularly during times of heightened danger, such as the Boxing Day and Christmas sales. She gives crucial consumer protection advice, such as never disclosing private information like bank PINs, independently checking business information, and keeping a healthy dose of skepticism when it comes to offers that seem too good to be true.

Adams calls for greater cross-industry cooperation as we approach 2025 and emphasizes the necessity for a team effort to fight frauds. This coordinated strategy is seen to be essential in reversing the trend of frauds becoming more and more dangerous.