The Bulletin tracks statements produced on all current accounts, personal and business, from Barclays. It offers a unified picture of data and new trends, educating readers on how to identify and thwart frauds before they start and safeguard their money.

Since the beginning of the year, data from month to month has been compared in the first Bulletin. It demonstrates that, in contrast to January and February of 2024, the total amount and volume of scam claims decreased by -15.7 percent and -7.1%, respectively, in March and April 2024. Scam types that are increasing include invoice and mandate claims; nevertheless, scams involving police and bank impersonation have significantly decreased from prior months.

According to Barclays, the average amount of claims made against invoice and mandate scams was £12,000, a 24.6% rise over prior months, and the percentage of claims against these scams doubled for those aged 61 to 70.

Scams expert at Barclays Kirsty Adams states: "Scams involving invoices are getting more complex. Scammers target suppliers by fabricating phony emails that appear authentic and demand payment for invoices.

"It is always a good idea to double check invoice and payment details against a prior invoice. If in doubt, call a known contact from the business to confirm the details or amount."

In March-April 2024, 8.2 percent of all fraud claims involved text or message app scams, a slight decrease from the 8.5 percent in January-February. The proportion of claims that resulted from scams that started on SMS/messaging applications was lower—5.6% of the total—and the average loss was £2.1K.

Adams states: "The most common avenue for scams is social media platforms, but our data also indicates that scammers frequently target victims through text messages." People run the risk of thinking that just because someone has their number, it means they are reaching out with a legitimate inquiry.

"Family and friend impersonation scams, in which a con artist poses as a person you know to obtain a financial transfer at a time of need, have grown alarmingly prevalent. Scammers also utilize mobile devices to target victims in advance fee and investment scams, in which the intended victim is tricked into paying a sum of money up front for a service or good that never materializes.

"Everyone is being cautioned to remain vigilant and conduct thorough research before conversing with any unfamiliar number. Give them a call if you think you're in contact with someone you can trust. Also, you should be suspicious if you receive an unsolicited message asking for money.

Between March and April, there was a decline in the quantity and value of police and bank impersonation scams, suggesting that customers are become more knowledgeable and cautious about these fraudulent schemes.

"Scam tactics fluctuate throughout the year, but it's encouraging to see this is one scam type that has seen a decrease," adds Adams.

"People may be growing more cautious about impersonation frauds given the amount of work being done in the business to educate consumers, but our work is not finished. We must never stop investing in giving the public the knowledge and resources they need to recognize and thwart scams, as con artists' methods will only get more sophisticated.