Greater than £1 million may have already got been misplaced within the UK to fraudsters pretending to supply Taylor Swift live performance tickets, a significant financial institution estimates.
Lloyds Financial institution has issued a warning to followers, saying that greater than 600 Lloyds Banking Group prospects have come ahead to this point to report being scammed.
The figures have been based mostly on evaluation of related buy scams reported by prospects of Lloyds Financial institution, Halifax and Financial institution of Scotland, the place Swift and/or the Eras Tour have been referenced as a part of the declare, between July 2023 and March 2024.
It is easy to let our feelings get the higher of us after we discover out our favorite artist goes to be performing reside, but it surely’s vital to not let these emotions cloud our judgment when attempting to pay money for tickets
Liz Ziegler, Lloyds Financial institution
The typical quantity misplaced by every sufferer was £332, although in some instances the loss was greater than £1,000, Lloyds mentioned.
Because the figures are based mostly solely on Lloyds Financial institution’s personal buyer knowledge, it estimates that, throughout the UK, there are more likely to have been at the least 3,000 victims since tickets went on sale, with greater than £1 million being misplaced to fraudsters to this point.
The calculation is predicated on Lloyd Banking Group’s present account market share and assumes comparable developments throughout prospects of different UK banks.
Followers aged 25 to 34 who’re attempting to get their palms on sold-out tickets are almost certainly to be focused, with many scams originating on social media, Lloyds warned.
Wanting extra broadly at live performance ticket scams, followers of main artists similar to Coldplay, Beyonce and Harry Types have been amongst these focused final summer time, Lloyds mentioned.
Throughout all live performance ticket scams, victims have been shedding £133 on common.
Buy scams can occur when somebody is tricked into sending cash through financial institution switch to purchase items or companies which might be faux, shoddy, or don’t exist.
Ticket scams usually contain faux adverts, posts or listings on social media, usually providing tickets or entry to occasions which have already bought out.
Victims are requested to pay up-front for the tickets, however as soon as the cost is made the scammers disappear. This leaves the client with out the tickets and out of pocket.
When tickets for an occasion are scarce, fraudsters know they will money in on keen followers keen to pay far more, by falsely claiming to have tickets on the market.
There are sometimes two waves of fraud – the primary when tickets go on sale and the second across the time an occasion takes place – Lloyds mentioned.
Liz Ziegler, fraud prevention director, Lloyds Financial institution, mentioned: “For her legion of devoted Swifties, the thrill is constructing forward of Taylor’s Eras Tour lastly touching down within the UK this summer time.
“Nevertheless merciless fraudsters have wasted no time in concentrating on her most loyal followers as they rush to select up tickets for her must-see concert events.
“It’s straightforward to let our feelings get the higher of us after we discover out our favorite artist goes to be performing reside, but it surely’s vital to not let these emotions cloud our judgment when attempting to pay money for tickets.”
Do not be tempted to purchase tickets from anybody apart from authorised sellers, as your rights will be considerably lowered if one thing goes incorrect
Lisa Webb, Which?
Lisa Webb, shopper regulation professional at Which?, mentioned: “We’ve heard from disillusioned Swifties who’ve purchased tickets on social media, solely to grasp it’s a rip-off when their promised tickets by no means materialise. Sadly, if it appears to be like too good to be true, it in all probability is.
“Don’t be tempted to purchase tickets from anybody apart from authorised sellers, as your rights will be considerably lowered if one thing goes incorrect. In case you are shopping for tickets, we suggest you pay utilizing your bank card if the tickets price greater than £100, or by PayPal, as each these strategies could present safety if one thing goes incorrect.
“If you happen to assume you’ve fallen sufferer to a ticket rip-off, contact your financial institution instantly and report it to Motion Fraud or Police Scotland.”
Listed below are some normal ideas from Lloyds Financial institution to remain secure when shopping for live performance tickets:
1. Purchase from trusted retailers
Solely buy tickets from well-known, official ticket platforms.
Be cautious on social media – keep in mind it’s straightforward for fraudsters to create faux adverts together with footage of actual tickets.
2. Keep away from offers that look too good to be true
Tickets on the market at low costs or for sold-out occasions ought to ring alarm bells. Ask your self if the deal appears practical.
3. Take into account paying by debit or bank card
This helps to guard your cash ought to one thing go incorrect. PayPal is another choice that offers individuals added protections if one thing goes incorrect.
