(IN BRIEF) A new study from Barclays reveals that 76% of UK citizens feel unsafe on social media platforms due to scams, with 87% of scams originating on tech platforms. Scams have risen by 24% in the past quarter, led by purchase and investment scams. In response, Barclays proposes four policy recommendations:
Barclays CEO Matt Hammerstein emphasizes the need for collective action to combat scams and protect individuals and the economy.
(PRESS RELEASE) LONDON, 9-Aug-2023 — /EuropaWire/ — A staggering 76% of British individuals express feelings of insecurity on social media platforms due to the presence of scammers, as per recent research by Barclays (1). The bank’s proprietary data underscores the gravity of the issue, indicating that a whopping 87% of scams transpire on tech platforms, encompassing social media, online marketplaces, and dating apps (2).
The surge in scams is a pressing concern, with a 24% increase reported in the last quarter compared to the same period last year (3). Predominant among these are purchase scams, constituting 66% of all scams, where goods are purchased but never received or don’t match the advertised description (3). Investment scams, accounting for 30% of all monetary losses despite representing only 5% of cases, have caused the greatest financial damage (3).
In light of these challenges, Barclays has formulated four substantial policy recommendations to combat the growing prevalence of scams:
Matt Hammerstein, CEO of Barclays UK, highlighted the escalating scams epidemic, especially in the realm of tech platforms, and underscored the need for joint efforts from tech organizations, the Government, and regulators to curb this prevalent crime. He emphasized that without collaborative action, the unchecked growth of scams poses a significant threat to individuals and the economy.
About Barclays
Barclays is a versatile British bank with diversified operations across consumer banking, payments, global corporate, and investment banking, supported by technology and operational services. For more information, visit www.barclays.co.uk/.
Media contacts:
Ismail Jan
07851037905
ismail.jan2@barclays.com
SOURCE: Barclays
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