Lloyds Bank is aiming to help Taylor Swift fans in the UK avoid a cruel summer. The bank has issued an “urgent warning” over ticket scams for the upcoming UK leg of the superstar’s Eras Tour, finding that Swifties are being “targeted by a wave of concert ticket scams flooding social media.”
Analysis by Lloyds of scam reports made by its own customers found a surge in fraud cases from those buying tickets for the sold out Eras Tour. Since tickets went on sale in July last year, more than 600 customers have come forward to report being scammed, significantly more than for any other music artist, the bank said, estimating the average amount lost by each victim was £332 ($414), though in some cases it was more than £1,000 ($1,246). The stats are based on analysis of relevant purchase scams reported by customers at Lloyds Bank, Halifax and the Bank of Scotland, where Swift and/or the Eras Tour were referenced as part of the claim, between July 2023 and March 2024.
The institution further estimates that industry-wide across the UK there are likely to have been at least 3,000 victims since tickets went on sale, with over £1 million ($1.25 million) lost to fraudsters so far.
More than 90% of reported cases start with fake ads or posts on Facebook, which includes Facebook Marketplace, according to Lloyds, with dozens of unofficial groups set up specifically for people looking to buy and sell tickets for Taylor Swift concerts.
Lloyds warned, “With all UK dates now sold out, many more fans are likely to fall victim to ticket scams in the coming weeks and months, both leading up to the tour and once the concerts begin in June.”
In its research, Lloyds found that the number of reported scam cases relating to concert tickets more than doubled last summer compared to the same period a year earlier (up by 158%). Among the other major artists most commonly targeted last summer were Coldplay, Harry Styles and Beyonce.
Lloyds explained that scams happen when someone is tricked into sending money via bank transfer (also known as a Faster Payment) to buy goods or services that don’t exist. Ticket scams usually involve fake ads, posts or listings on social media, offering tickets at discounted prices, or access to events which have already sold out at inflated prices. Victims are asked to pay upfront for the tickets, but once the payment is made, the scammers disappear. This leaves the buyer without the tickets and out of pocket, Lloyds noted.
Liz Ziegler, Fraud Prevention Director, Lloyds Bank, said, “For her legion of dedicated Swifties, the excitement is building ahead of Taylor’s Eras Tour finally touching down in the UK this summer. However, cruel fraudsters have wasted no time in targeting her most loyal fans as they rush to pick up tickets for her must-see concerts. It’s easy to let our emotions get the better of us when we find out our favorite artist is going to be performing live, but it’s important not to let those feelings cloud our judgement when trying to get hold of tickets.”
Ziegler suggested, “Buying directly from reputable, authorized platforms is the only way to guarantee you’re paying for a genuine ticket. Even then, always pay by debit or credit card for the greatest protection. If you’re being asked to pay by bank transfer, particularly from a seller you’ve found on social media, that should immediately set alarm bells ringing.”
