Bank warns customers after £1m lost in ticket scam
MORE than £1 million could already have been lost in the UK to fraudsters pretending to offer Taylor Swift concert tickets, a major bank estimates.
Lloyds Bank has issued a warning to fans, saying that more than 600 Lloyds Banking Group customers have come forward so far to report being scammed.
The figures were based on analysis of relevant purchase scams reported by customers of Lloyds Bank, Halifax and Bank of Scotland, where Swift and/or the Eras Tour were referenced as part of the claim, between July 2023 and March 2024.
The average amount lost by each victim was £332, though in some cases the loss was more than £1,000, Lloyds said.
As the figures are based solely on Lloyds Bank’s own customer data, it estimates that, across the UK, there are likely to have been at least 3,000 victims since tickets went on sale, with more than £1 million being lost to fraudsters so far.
The calculation is based on Lloyd Banking Group’s current account market share and assumes similar trends across customers of other UK banks.
Fans aged 25 to 34 who are trying to get their hands on sold-out tickets are most likely to be targeted, with many scams originating on social media, Lloyds warned. Looking more broadly at concert ticket scams, fans of major artists such as Coldplay, Beyonce and Harry Styles were among those targeted last summer, Lloyds said.
Lloyds said people should only buy from trusted retailers, be cautious on social media and avoid deals that look too good to be true. Paying by debit or credit card protects your money should things go wrong.
The average amount lost by each victim was £332, though in some cases the loss was more than £1,000, Lloyds said.