UK Cybercrime Journal: H1 2026 Social Media Fraud Trends

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What Happened

HMRC Issues Warning to TikTok Users

  • On 4 June 2026, HM Revenue and Customs (HMRC) uncovered a suspected £153 million tax fraud scam involving TikTok.
  • The scheme allegedly involved individuals posting advertisements on the TikTok, enticing users to hand over sensitive tax information, including business VAT registration details or personal self-assessment credentials for a financial reward.
  • Using the stolen tax details, the fraudsters could file bogus repayment requests with HMRC.
  • The warning comes after two Romanian men, aged 22 and 25, were apprehended by HMRC officers in east London on 23 April 2026 in connection with the alleged fraud.

Lloyds Bank found Two Thirds of Fraud Cases Started on Meta 

  • On 6 June 2026, Liz Ziegler, the Lloyds fraud prevention director disclosed that 68% of fraud reports from their customers started on a Meta platform, including Facebook, Instagram, and WhatsApp.
  • The average claim value submitted to Lloyds Bank is now above £500, an increase of about £100 from last year. Plus, victims were sending up to £66 million a year to fraudsters after falling victim to a scam advert via Meta, up from £27 million in 2023.
  • The most common scams involve fake tickets for concerts, festivals and sporting events. Meta’s Facebook Marketplace is also plagued by fake adverts for cars, bikes, campervans and mobility vehicles.
  • Other categories of fraud on Meta platforms, collected by Lloyds between March 2025 and 2026, include: wedding photobooths, tattoo deposits, vapes, wigs, Moncler jackets, football shirts, Dyson products and Amazon Alexas. Fraudulent transactions for deposits for flats, mobile phones, household furniture and gym equipment have also been observed.

UK Finance Recorded £221.5m Lost to Investment Scams

  • In June 2026, UK Finance's Annual Fraud Report recorded the highest loss total ever recorded and the highest total number of cases ever reported at 14,893, which was 26% higher than 2025.
  • Up to £221.5m was lost to scams in which victims were persuaded to transfer funds to a fake investment or fictitious fund. This figure also marked a 40% rise more than 2025.
  • The primary observed tactics involved in investment scams include traditional cold calling to pressurise victims into acting quickly to claim an opportunity before it expires, as well as adverts on social media offering unrealistic rates of returns on investments, and hand-delivered letters.
  • The types of investments fraudsters used as bait in 2026 involved gold, property, carbon credits, cryptocurrencies, land banks, and wine.

Fraudsters arrested in Nigeria following NCA intelligence sharing

  • In February 2026, the National Crime Agency (NCA) announced that seven men were arrested in Nigeria after intelligence identified an online investment scam compound targeting UK victims. These arrests were the result of co-operation between the National Crime Agency, Meta and the Nigerian Police.
  • Using hundreds of fake Facebook accounts accounts to impersonate cryptocurrency traders, the Nigeria-based scammers targeted people who used legitimate investment platforms.
  • The scam compound was also allegedly recruiting and training young people in targeting victims for future investment frauds and phishing attacks. A total of 26 phones, 42 sim cards and a laptop were seized on 13 January.

Analyst Comment 

H1 2026 reinforces the transition from email-centric fraud campaigns to social-media-powered fraud operations, with platforms increasingly serving as the primary source of victims for organised cybercriminal groups. Fraudsters are also adapting scams to the culture and user behaviour of individual platforms, such as generate short promotional videos on TikTok or listing fake items for sale on Facebook Marketplace. Rather than deploying identical scams everywhere, criminals tailor campaigns to the platform's intended purpose. Recommendation algorithms and advertising ecosystems provide fraudsters with scalable victim acquisition channels that were previously unavailable through traditional phishing campaigns.

Advances in artificial intelligence (AI) and large language models (LLMs) has also meant it is much easier for cybercriminals to carry out scams on a much larger scale than they were previously able to. Autonomous systems can enable them to send out messages at scale and contact users by telephone at scale. Plus the scam attempts are also more convincing as they can mimic voices and appearance of celebrities or even a target’s friends and family.

The scale of fraudulent activities across social media is so large, it requires vast resources and expertise to monitor, detect, and prevent. At the same time, the response from HMRC, banks, social media companies, the NCA, and international law enforcement suggests increasing recognition that combating social media fraud requires coordinated action.

The volume of fake accounts on social media used for scams does also validate the calls for increased verification and security checks on such platforms. The UK Government's proposal to introduce a national digital ID system, however, was met with fierce opposition. Up to 2.9 million people signed a UK parliament petition to show their disagreement with such a system.

Defensive Takeaways 

  • Reduce Public Exposure: Fraudsters increasingly use information shared on social media to personalise scams and identify potential victims. Consider making profiles private or limiting visibility to trusted contacts and if you no longer actively use a social media platform, consider deleting the account entirely.
  • Be on Guard for Scams: Sponsored advertisements should not automatically be considered legitimate. Refuse any financial rewards in exchange for your login credentials. Be cautious of investment opportunities promoted solely through social media. Assume Facebook Marketplace listings can be fraudulent.
  • Report Suspicious Activity: Reporting scams helps remove fraudulent content and supports law enforcement investigations. Useful UK reporting channels include Report Fraud and the UK NCSC's Suspicious Email Reporting Service report@phishing.gov.uk.
  • Seek Support after a Scam: Victims should not assume financial losses are unrecoverable. It can be possible to get funds returned if they contact their bank immediately, preserve screenshots and transactions records, and report the incident to Report Fraud. Further, if a victim is dissatisfied with how their bank handled their case, they can complain to the Financial Ombudsman Service.

Relevant Sources 

  1. https://www.independent.co.uk/news/uk/crime/tiktok-hmrc-tax-fraud-scam-b2989914.html
  2. https://www.thetimes.com/article/840020a8-1210-47c9-9262-e3139116b652?shareToken=771d08288cd2ac9d0ba13194f43d75a0
  3. https://www.theguardian.com/money/2026/jun/15/investment-fraud-uk-more-than-220m-lost-last-year-scams-ai
  4. https://www.ukfinance.org.uk/system/files/2026-06/UK%20Finance%20Fraud%20Report%202026.pdf
  5. https://www.nationalcrimeagency.gov.uk/news/fraudsters-arrested-in-nigeria-following-nca-intelligence-sharing 

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