Barclays warns that scams have increased 66% during the Covid-19 pandemic

From: RegTech Analyst

Scammers increased their activities by 66% in the first six months of 2020, according to new research from Barclays.

The bank warned that these figures are likely to increase as the coronavirus health crisis continues around the world, having already recorded a 5% rise from June to July, Yahoo Finance reported.

At the same time, the value of scams have jumped as well, having skyrocketed by 61% between May to June and another 7% from June to July.

Barclays warned that people should be particularly wary of scams related to travel, social media and investments.

For instance, the bank noted an increase in schemes using fake marketing about things related to staycations.

Cryptocurrency scams were also up, with investment scams in general having risen by 49% since May.

“Fraudsters have undoubtedly taken advantage of the nation’s uncertainty during the pandemic, in what is just another moment in the historical evolution of scams,” said Jim Winters, head of fraud at Barclays. “The immediacy of our lives, even during lockdown, has allowed scammers to harness the constantly changing news agenda to target their victims, which is why we all need to remain vigilant.”

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.