Taylor Swift and Olympic ticket scams are some of the most likely examples of fraud UK consumers will experience this year, a UK Finance report revealed.
It comes after last year saw both purchase scams and romance fraud soar to all-time highs.
Purchase fraud, which is when consumers pay for an item which never existed, soared 28% in 2023, leaving Brits with £86 million less after 156,000 cases were reported.
“Every year we see a cycle of scams changing throughout the year. Olympics and Taylor Swift are the two biggest examples of this year,” Ben Donaldson at UK Finance explained.
Last month, Lloyds Bank said Swift ticket scams had resulted in the loss of £1 million, with more than 600 of its customers reporting losing money.
Taylor Swift coming to the UK is expected to provide the economy with an additional £1 billion boost as over a million of her fans prepare to attend her Eras Tour in July.
Last year, a total of £1.17 billion was stolen by fraudsters, a 22% drop compared to 2022 but still a considerable threat going forward.
UK Finance said the rise in online platforms is leaving users in vulnerable positions, something tech companies should address.
Andy Donald at UK Finance added: “Tickets for big events such as the Olympics, Euro 2024, Glastonbury or Taylor Swift sell out quickly and people often look online for better offers to avoid missing out.
"Criminals will use this as an opportunity to try and trick you into purchasing tickets that are either fraudulent or don’t exist.”