The number of purchase fraud cases seen by TSB jumped by more than a third (35%) between January and October 2023, compared with the same period in 2022.

On average, over £500 was lost per case, according to TSB’s data.

Purchase frauds happen when criminals trick people into paying for goods and services that do not exist, with scams often starting on social media, according to the bank.

Over this busy shopping period, it really pays to stick to responsible shopping sites that offer payment platforms. And don't be easily caught out by a bargain you see on social media - if it seems too good to be true, it probably is

Vehicles and parts, tickets for events, trainers and clothing are often items being offered by scammers, TSB said.

TSB is also urging consumers to be wary of adverts selling pets, holidays, cosmetics, jewellery and watches.

Paul Davis, TSB director of fraud prevention, said: “At this time of year, many of us are looking online for a bargain. But it can quickly go wrong when shopping on social media sites – which are rife with scam adverts for items that simply don’t exist.

“Over this busy shopping period, it really pays to stick to responsible shopping sites that offer payment platforms. And don’t be easily caught out by a bargain you see on social media – if it seems too good to be true, it probably is.”