- Lloyds warns UK fans of Taylor Swift ticket scams
- Over £1 million potentially lost; 3,000 victims estimated
- Fans cautioned to avoid purchasing from unauthorized vendors
Last summer, according to Lloyds, Coldplay, Beyonce, and Harry Styles fans were also the target of fraud. As a result of analysing reports of customers who have been duped since the sale of tickets in 2023, the bank has issued a warning to enthusiasts.
According to an estimate by a significant bank, Taylor Swift supporters in the United Kingdom may have already lost over £1 million to con artists posing as concert ticket vendors for her Eras tour.
Lloyds Bank has cautioned Swift and the Eras Tour supporters in light of an investigation into purchase frauds documented by its clientele, in addition to those noted by Halifax and Bank of Scotland, which included Swift and the Eras Tour.
Over 600 Lloyds Banking Group customers have reported scams since the tickets became available for purchase in July 2023.
With some cases exceeding £1,000, Lloyds reported that the average loss per victim was £332.
Lloyds, relying exclusively on its customer data, approximates a minimum of 3,000 victims throughout the United Kingdom, with at least £1 million lost to fraudsters. This estimate is derived from the company’s current account market share and the assumption of comparable patterns among other institutions in the United Kingdom.
Lloyds cautioned that buyers of sold-out tickets between the ages of 25 and 34 are the most susceptible to fraud, with many schemes originating on social media.
Scams also targeted Coldplay, Beyonce, and Harry Styles fans last summer, the report continued.
Purchase scams entail deceiving an individual into transferring funds through bank transfer to acquire counterfeit, substandard, or nonexistent products or services.
Ticket hoaxes frequently employ counterfeit advertisements, social media posts, or listings offering tickets or access to events already sold out. Fraudsters exploit enthusiastic fans who are willing to pay a premium by claiming to have tickets available for purchase.
Reports indicate that Swift’s record-breaking Eras tour will generate more than $1 billion (£813 million), with tickets selling out as soon as they went on sale.
By December’s conclusion, the celebrity will have performed over 150 performances on five continents.
“Unlock your financial potential with free Webull shares in the UK.”
“It is likely too good to be true if it appears that way.”
According to Which? ConsumerConsumer law expert Lisa Webb states that individuals purchasing concert tickets should use PayPal or a credit card for purchases exceeding £100, as both methods offer protection.
She stated that we have received complaints from dissatisfied Swifties who purchased tickets through social media platforms only to discover that the purchase was a fraud when the promised tickets did not arrive. Regrettably, anything that appears too excellent to be true is most likely.
Purchasing tickets from sources other than authorised vendors is strongly discouraged, as doing so may substantially compromise your legal protection in the event of an unforeseen event.
She further stated that individuals who believe they have been duped into purchasing tickets should report the incident to Action Fraud or Police Scotland by contacting their bank.
Director of fraud prevention at Lloyds Bank Liz Ziegler stated, “When we learn that our favourite artist will be performing live, it’s easy to let our emotions get the better of us, but that doesn’t mean we should allow them to cloud our judgement when attempting to obtain tickets.
