One in three UK consumers has fallen victim to purchase fraud on social media or second-hand marketplaces, according to TSB research published ahead of Black Friday and Christmas, as the bank reports £2.3 million in customer losses so far this year.

The bank's internal data shows purchase scams account for 45 per cent of all bank transfer fraud losses suffered by its customers, representing a four per cent increase year-on-year. The average amount lost per customer is £540.

Younger shoppers are particularly exposed, with 49 per cent of 25 to 34-year-olds and 44 per cent of those aged 18 to 24 saying they have experienced purchase fraud. Overall, 53 per cent of respondents either knew someone who had been scammed or had fallen victim themselves.

Facebook is the most frequently reported platform for purchase fraud involving TSB customers, accounting for 65 per cent of cases. TikTok follows at 14 per cent, Snapchat at seven per cent and Instagram at six per cent.

Vehicles account for the largest financial losses from purchase scams, according to TSB's data, followed by holidays and flights, tickets, car parts, pets and accessories. Clothing and mobile phones are among the other commonly targeted purchases, with vapes featuring on the bank's list of frequently scammed items.

The warning comes as consumers prepare for the peak shopping season, with respondents expecting to spend an average of £245 on gifts and purchases between Black Friday and Christmas. TSB's polling found that 42 per cent plan to rely more heavily on discounts because of the cost of living, while 37 per cent intend to shop through second-hand marketplaces and 34 per cent through social media platforms.

The research further found that 41 per cent of respondents were not confident they could distinguish AI-generated images from genuine photographs when shopping online, potentially making it harder to identify fraudulent listings.

Richard Daniels, director of fraud prevention at TSB, said: "Alarmingly, purchase fraud is a growing problem – so we're urging consumers to be especially careful where and who they shop with as we enter the busy sales, and Christmas shopping period."

Daniels advised shoppers to consider using official retail websites or marketplaces offering their own payment platforms, rather than relying entirely on trust in individual sellers. He added that consumers should remain cautious about who they buy from throughout the autumn and winter shopping period.

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