WhatsApp scams have increased by 2000%, reveals Lloyds Bank

Lloyds Bank has issued a warning against WhatsApp scams, the “fastest-growing form of impersonation fraud”, which have increased by 2000%.
According to an analysis performed by Lloyds Bank, the number of WhatsApp scams recorded between 2020 and 2021 increased by more than 2000%, and victims lost an average of £1,950 each. In an official statement, Lloyds Bank said:
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.
Liz Ziegler, Fraud Prevention Director at Lloyds Bank, also stated: “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.”

Look out for this WhatsApp scam. Share this with your loved ones. And learn more on how to protect yourself online: https://t.co/3zSb5nrLhV #TakeFive #ByYourSide pic.twitter.com/2JUMCrqFJH

— Lloyds Bank (@LloydsBank) December 15, 2021

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