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People are being warned to look out for scammers falsely claiming to represent well-known companies after a surge in cases.
TSB Bank said the average victim of impersonation fraud loses £4,000 after being fooled into sending money to con artists.
Reported cases of impersonation fraud – which sees criminals impersonate a company, business, organisation or individual – have soared by 300% since 2019.
TSB suggested household names like BT, Royal Mail and Amazon are regularly being used to lure unsuspecting victims into parting with their cash.
Paul Davis, director of fraud prevention at the bank, explained: ‘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.’
Recent data from Action Fraud suggests there has been than £2 billion worth of reported fraud in less than a year.
TSB said that more than half of money sent to fraudsters was a result of impersonation fraud.
The Edinburgh-based company found that more than half of that money was from criminals pretending they are from a bank, who claimed their victim’s account was under attack and money had to be transferred to a ‘safe account’.
Authority fraud – when imposters claim to be from official organisations like the police, HMRC, the National Crime Agency or the NHS – made up 13% of the total lost money.
Tech support and phone provider fraud made up 9% of losses, TSB’s analysis of customer data found, with BT, Virgin and Sky used most.
Fraudsters were found to pretend to offer speed increases or help with software.
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Mr Davis said people should be suspicious of any out-of-the-blue contact, keep their guard up and not let themselves be easily convinced.
He added that fraudsters thrive on causing panic, so people should take their time and the best way to deal with anything suspect would be to hang up or delete the message.
Bank fraud departments will never ask you to make a transfer, and by dialling 159 people can find out if it really is their bank calling.
TSB also warned that fraudsters may pose as a relative or friend by sending emotive texts or email requests for financial help.
More: Crime news
On average, the bank said, family and friend frauds lead to more than £1,200 lost per case.
TSB launched its Tackling Fraud Together report on Wednesday and will be in the UK Parliament to set out the steps it said are needed to stop fraud.
Phil Andrew, chief executive of StepChange, a debt charity which contributed to the report, 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, it’s vital consumers are protected from those seeking to exploit financial and other vulnerabilities.’
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