New data from consumer group Which? has revealed that online shopping scams and auction fraud are the most reported types of fraud.
12 ’emerging fraud threats’ have been identified by the consumer group, and even though online shopping scams and auction fraud are the most reported, investment fraud was responsible for the biggest losses.
Many individuals have lost huge sums of money to online shopping scams, pyramid schemes and rental fraud, Which? found.
People aged between 60 and 79 made up 20% of reports of fraud and seemed especially vulnerable to computer repair fraud, where they made up 47% of cases.
Which? Money Editor, Jenny Ross, said: ‘The government’s decision to include paid-for scam adverts in the Online Safety Bill, along with promises to make reimbursement mandatory for bank transfer scam victims was a huge step in the right direction, but it’s now up to the government and regulators to get it right.
‘We will be checking carefully that the Online Safety Bill goes far enough in protecting consumers from fake and fraudulent adverts, and it’s vital that the government swiftly introduces the right legislation for bank transfer fraud that will ensure victims get fair and consistent treatment.’