Nine in ten scams now begin on tech platforms, including social media websites, dating apps and online marketplaces, according to Barclays.
The number of scams reported in the past three months has surged by 24 per cent compared with the same period last year.
As a result, nearly 80 per cent of people feel unsafe on social media due to scammers, the research shows.
Risk: The number of scams reported in the past three months has surged by 24% compared with the same period last year
Two-thirds of all reported cases were purchase scams, which is when people buy goods that never arrive or do not appear as advertised.
Investment scams are the costliest, with victims handing over the most cash. This type of con accounts for almost a third of all money lost to fraudsters, despite making up just 5 per cent of cases.
There is currently no regulation to require these firms to stop scams on their platforms, despite similar rules already being in place for banks.
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