Particle.news

Download on the App Store

Lloyds Bank Warns of Social Media Scams Targeting Shoppers with Fake Retail Deals

Customers are urged to review recent transactions for recurring £30-£40 charges linked to fraudulent continuous payment authorities.

Image
Image

Overview

  • Fraudsters are impersonating trusted brands like Screwfix, Amazon, and Decathlon on Instagram and Facebook, promoting fake time-limited offers.
  • Victims unknowingly sign up for recurring payments of £30-£40 every two to four weeks through continuous payment authorities.
  • Lloyds Bank has received 1,400 chargeback requests from January to April, with many payments showing codes like ‘PYD’ or locations in Cyprus and Ireland.
  • Customers are advised to scrutinize offers that seem too good to be true, check web addresses for inconsistencies, and read fine print for hidden subscription terms.
  • Lloyds encourages affected customers to use their mobile app’s ‘get help with this transaction’ feature to reverse unauthorized charges under card protection rules.