Lloyds Bank has issued an “urgent warning” to customers over a wave of ticket scams targeted at Taylor Swift fans, which it estimated has already cost Brits £1m.
The bank said on Wednesday that as of last month, more than 600 of its group’s customers had reported being scammed for tickets to the upcoming UK leg of Swift’s Eras Tour since they went on sale last July.
It found the average value of each scam was £332 but said some customers had lost more than £1,000.
Based on Lloyds Banking Group’s current account market share of around 20 per cent, the bank estimated there had been at least 3,000 total victims across the UK and more than £1m lost.
Lloyds warned that fans aged between 25 and 34 were the most likely to be targeted by fraudsters as they turn to platforms like Facebook for tickets to the superstar’s sold-out tour.
The bank said more than 90 per cent of the reported cases originated on Facebook and that a search of the platform revealed dozens of unofficial groups, many with tens of thousands of members, set up specifically to buy and sell tickets for Swift’s concerts.
Lloyds is one of many big UK banks that have raised concern over the high rate of fraud stemming from social media platforms, with TSB warning earlier this year that around a third of listings on Facebook Marketplace could be scams.
Lloyds said on Wednesday that it expected “many more fans” to fall victim to ticket scams in the run-up to Swift’s UK concerts and once they start in June.
The bank said Coldplay, Beyonce and Harry Styles concerts were among the most popular for ticket scams last year, with victims of this type of fraud losing £133 on average.
Ticket scams usually consist of fake adverts, posts or listings on social media that offer access to events which have already sold out. Victims are asked to pay upfront but do not receive the ticket after transerfing their money.
Liz Ziegler, fraud prevention director at Lloyds Bank, said: “For her legion of dedicated Swifties, the excitement is building ahead of Taylor’s Eras Tour finally touching down in the UK this summer.
“However cruel fraudsters have wasted no time in targeting her most loyal fans as they rush to pick up tickets for her must-see concerts.
“It’s easy to let our emotions get the better of us when we find out our favourite artist is going to be performing live, but it’s important not to let those feelings cloud our judgment when trying to get hold of tickets.”
Lisa Webb, consumer law expert at Which?, said her group had also heard from disappointed Swifties who were scammed on social media.
“Don’t be tempted to buy tickets from anyone other than authorised sellers, as your rights can be significantly reduced if something goes wrong,” she added.
“If you think you have fallen victim to a ticket scam, contact your bank immediately and report it to Action Fraud or Police Scotland.”