Impersonation fraud has accounted for 33% of fraud cases since the start of this year, according to research by TSB.
TSB categorises impersonation fraud as an attack in which a criminal impersonates a company, business, organisation or an individual as the key component of the scam.
The category accounted for more than half (52%) of TSB customer transactions to fraudsters by value in 2021.
New industry figures highlight the ever-present threat of fraud – with more than £2bn worth of cases reported to Action Fraud in under a year.
Impersonation Fraud is a key driver of these losses, as cases have spiked by more than 300% since 2019, it claims.
The average case across the industry sees a near £4,000 loss with consumers being bombarded with scam calls, text and emails every day.
Bank Impersonation Fraud is rife across the industry - making up 24% of all fraud losses in UK Finance’s latest fraud data as all banks face impersonation.
At TSB, it makes up 21% of all losses. TSB is among 12 banks to join the 159 service to provide a route for customers to hang up and check the legitimacy of a call via this phone number.
TSB is also warned about Friends and Family fraud, which recorded the second highest number of cases, overall. It leads to more than £1,200 lost per case, many of which are cost-of-living related, as fraudsters send emotive texts, or email requests for financial help, all while posing as a relative, or friend.
Further figures released today show that £6.7bn worth of cases have been reported to Action Fraud since April 2019.
Under the Fraud Refund Guarantee, TSB’s fraud losses are almost a fifth (19%) below the industry average.
Paul Davis, director of fraud prevention at TSB, said: “Households are bombarded with scam calls, texts and emails every day – we're urging them to remain suspicious of any unsolicited contact, to avoid falling victim to fraud at a time when the impact would be hardest felt.
“We continue to be the only bank to protect customers from fraud losses, through our Fraud Refund Guarantee, which is as important now as it’s ever been to the lives of our customers."
Phil Andrew, chief executive at StepChange, said: “In tough times fraud and financial difficulty go hand in hand. The pandemic has left many households with little or no ability to cope with financial shocks and, as cost-of-living increases start to bite, its vital consumers are protected from those seeking to exploit financial and other vulnerabilities.
“People who have lost money to fraudsters need quick and effective help and support, so it’s particularly welcome to see refund support offered to victims of fraud.”
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