12% of financial scams take place around Black Friday and January sales

As shoppers gear up for Black Friday today and into the weekend, new research from the money team at Compare the Market has revealed that this key spending weekend accounts for one in eight (12%) of all annual financial scams. These findings come as more than one in five Brits (21%) confirm they have been personally affected by financial fraud, with scams during online shopping the most common. 

The research takes a closer look at how scams affect people in the UK, which ones are most common, who they tend to target, and how much money has been lost as a result. 

The full research can be viewed here: https://www.comparethemarket.com/credit-cards/content/financial-fraud-study/

Almost half of Brits (47%) admit they’re unsure whether they’ve ever been financially scammed. 

Nearly a third (32%) of Brits say they’ve been impacted by an online scam, but despite scams being this common, Brits remain optimistic about their ability to spot them in future, with three-quarters (74%) saying they feel confident they could identify a scam going forward. 

Regionally, Manchester respondents reported the highest rate of scam experiences, with over a quarter (27%) saying they’ve been affected by financial fraud. This was followed by London (26%), Nottingham (25%) and Cardiff (24%). 

Online shopping is the UK’s most common type of fraud   

Rank	Type of scam	% that experienced this scam
1	Online shopping fraud	21%
2	Social media scam	18%
3	Tricked into paying an upfront fee for a service or goods (Advanced fee fraud)	15%

When it comes to specific types of fraud, online shopping scams are the most common, affecting over one in five Brits (21%). Social media scams follow closely behind, catching 18% of people, while 15% have fallen victim to advanced fee fraud, where individuals are tricked into paying for a fee or service upfront. 

Over 1 in 10 UK scams happen around Black Friday 

A quarter of Brits (25%) said there was no clear pattern to when they were targeted by scams. However, as we head into the festive spending season, it’s worth being cautious, with 15% of respondents revealing they were targeted around Christmas and New Year, and a further 12% during Black Friday and the January sales. 

Money expert Charlie Evans from Compare the Market shares:  

“As more people head online to shop for seasonal offers, it’s worth taking a moment to stay mindful of online safety. Scammers often take advantage of busy shopping periods by creating fake websites and social ads that closely resemble trusted brands, making it all too easy to be tempted by deals that aren’t what they seem. Before you buy, take a moment to double-check the web address and consider using a credit card for added protection if your purchase doesn’t go as planned.” 

The research shows that over a third of Brits (36%) have lost between £1 and £499 to financial scams, while 21% lost between £500 and £1,999. A further one in ten (10%) reported losses of £2,000 to £9,999. 

These experiences can often take an emotional toll; 44% said they felt angry, 34% embarrassed, and 26% anxious after being scammed. Many turned to others for support or to share their experience, with almost two in five (39%) talking to family and 30% opening up to friends. 

Top tips to prevent financial scams  

Charlie Evans, money expert at Compare the Market, shares top tips for avoiding financial scams: 

1. Take a moment before you act: “Even if something feels urgent, pausing to think can help you stay safe. Scammers often try to create pressure, so you react quickly.” 

2. Always double-check: “Before transferring money or sharing personal details online, take time to verify the request. If you receive a message or call that seems unusual, contact the company or person directly using official contact details – never reply to the original message.” 

3. Make use of your bank’s support: “Most UK banks offer online scam education, security alerts and 24-hour fraud helplines. If you think you’ve been scammed, report it to your bank straight away. They can investigate, support refund requests, and help monitor future suspicious activity.” 

4. Talk about it: “Scams can happen to anyone, but too often people feel embarrassed to admit it. Our research found that over a third (34%) of those who had been scammed felt ashamed. Talking about it with friends and family helps raise awareness and protect others from similar traps.”