Thank you for subscribing!
Lloyds Bank has issued an urgent warning as thousands of customers are losing more than £3,000 each to criminals posing as trusted organisations.
The bank has released guidance centred on a simple seven-word phrase that could protect people from devastating financial losses: "move your money to a safe account."
Victims of impersonation scams handed over £3,516 on average during the past year, a 10 per cent rise compared with the previous twelve months, according to fresh data published today by Lloyds.
Although the overall number of reported cases dipped by three per cent, fraudsters posing as banks, police officers, HMRC, telecoms companies and Amazon all became more active, with individual losses climbing sharply.
Bank and police impersonation scams saw a particularly sharp increase, surging 18 per cent in the second quarter of 2026 when measured against the same period last year.
Liz Ziegler, Fraud Prevention Director at Lloyds, said: "Summer can be an expensive time of year, with many people focused on managing their finances around holidays, family days out and other seasonal costs.
"Fraudsters know money is often at the top of peoples' minds and use convincing stories about account issues, refunds or urgent payments to pressure people into acting quickly."
She added: "Remember, your bank or the police will never ask you to move money and, if you hear the words 'safe account', it's a scam. If you're contacted unexpectedly, real organisations will always give you time to check things are genuine."
The devastating impact of these scams is laid bare by the experience of one 85-year-old victim, referred to as Helen to protect her identity.
Helen was contacted by someone claiming to be a police officer, who informed her that a criminal had cloned her bank card and was using it to buy expensive goods elsewhere in the country.
She was instructed not to speak to her bank or anyone else, as doing so could compromise the supposed investigation.
Over the following five months, Helen was manipulated into purchasing gold bars on eight separate occasions, having been told the items contained evidence that would assist the inquiry.
A person she believed to be an undercover officer then collected each purchase.
These impersonation schemes take various forms depending on which organisation the fraudster pretends to represent.
HMRC scams typically lure people with bogus tax refund notifications, directing them to click links and submit personal or financial information, with victims losing £2,288 on average over the past year.
Criminals posing as broadband or mobile providers claim there are problems with a bill, contract or internet connection before requesting payment or sensitive details. The average loss from these telecoms scams stood at £1,169.
Amazon impersonation fraud, meanwhile, cost victims £1,180 on average, with scammers most commonly sending messages urging people to click links and enter personal information to release a non-existent parcel.
Ms Ziegler said: "A scam message is designed to rush you. It will make you feel you need to act straight away or keep things secret.
"Genuine businesses and organisations will never ask you to lie or keep things to yourself - anyone who asks you to do so is a fraudster."
Lloyds has set out a series of practical steps to help people protect themselves.
The bank stresses that neither it nor the police will ever ask customers to transfer funds to a "safe account" or hand over cards, PINs, cash or valuables such as gold to couriers.
Anyone receiving an unexpected call or message should end the conversation and contact the organisation directly using a number from an official website or bank card.
Customers should never share full passwords, PINs or one-time security codes, as no legitimate organisation will request these.
Crucially, Lloyds urges people to be honest with bank staff during fraud checks, as criminals routinely coach victims to conceal the true reason they are moving money. Those checks exist specifically to keep customers safe.
