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 

• On 3 June 2026, the City of London Police issued a warning stating Report Fraud has seen a significant increase in cases mentioning the retailer, reflecting how criminals are targeting well-known brands.
• Report Fraud, which is run by the City of London Police, warned that cybercriminals are using leaked credentials from historical data breaches to hijack Argos user accounts.
• Once on the account, the fraudsters order and then collect the goods in-person at a physical store. In some instances, the goods are paid for using payment details not connected to the victim of the compromised account.
• Notably, the goods from fraudulent orders are often claimed via Click & Collect option that Argos allows, enabling the threat actors to retrieve goods in store.
• In May, Report Fraud received 652 reports which mention Argos, a 323% increase compared to April, when 154 reports mentioning the retailer were made. Since the start of 2026, there have been 1,175 reports mentioning the retailer, with May seeing the highest number to date.
• This alert is also not the first raised about Argos. On 18 November 2025, the East Midlands Cyber Resilience Center issued a warning about Argos and Currys accounts getting compromised and unauthorised purchases being made. In some instances, particularly with Currys, the Buy Now Pay Later (BNPL) option was used, leaving the account holder with finance plans in their names.

Analyst Comment

For both everyday UK consumers and UK retail risk teams, these alerts provide several layered insights. Retailers have spent years optimising Click & Collect to be as frictionless as possible to compete with online shopping giants like Amazon. However, this alert shows how Click & Collect can be a security liability. As Argos allows quick collections, criminals can buy an item online and pick it up at a local store before the real account owner notices an order confirmation email.

The police alerts also note that the items may even be paid for using payment details not connected to the victim. Criminals are mixing stolen accounts with stolen credit cards. This is likely due to an established Argos account with a multi-year history buying expensive items would look pretty normal to a fraud detection engines.

The combination of an Account Takeover (ATO) and Buy Now Pay Later (BNPL) fraud creates a difficult scenario for retailers, credit providers, and consumers. The regulatory and reputational fallout for a retailer under the rules of the UK Financial Conduct Authority (FCA) could be severe. If a retailer's poor account security allows fraudsters to easily spin up a finance plan in a victim's name, the FCA will view this as a systemic failure to protect consumers, resulting in massive fines.

These attacks are possible due to the practice of Argos users who are reusing the same previously leaked password across multiple accounts, plus users not having multi-factor authentication (MFA) turned on in their account settings. 

Campaigns like this can trigger a reputational hit to retailers as victims often do not suffer silently. They take to social media to share stories and the public narrative can shift to being about a retailer who is complicit in disrupting innocent people's financial lives.

Defensive Takeaways

• User Account Hygiene Best Practices: Standard practices such as rotating passwords, using complex password, using a different password per service, using a password manager, using passkeys, and turning on MFA would all help mitigate this type of threat for users.
• Credit Monitoring: If a user suspects their account has been compromised, they should consider using a credit monitoring service to help prevent unauthorised loans taken out in their name.
• Cancel and Replace Payment Cards: If a user suspects their payment card data has been stolen, then they should contact their financial institution and have it cancelled and replaced.
• Implement Click-and-Collect Controls: Retailers with click-and-click options should introduce controls such as requiring ID of the account owner or a single-use QR code or PIN via SMS/Email at the point of collection for high-value items to prevent this type of fraud.
• Detecting Credential Stuff Attacks: If the cybercriminals were using credential stuffing attacks, then retailers should be able to detect unauthorised password guessing attempts against their online portals. It is recommended to use IP context analysis and perform source IP correlation. If one IP address tagged as a proxy or VPN is observed attempting to login to dozens of accounts simultaneously, then there’s an issue.
• Leverage Stripe’s FT3 framework: If your organisation or team is tasked with combating fraud, then categorising these scammers TTPs is crucial. That’s why Stripe has developed the Fraud Tools, Tactics, and Techniques (FT3) framework. It’s designed to help security teams understand the landscape, spot gaps, develop detections, improve incident response, and foster collaboration.

Relevant Sources

1. https://www.cityoflondon.police.uk/news/city-of-london/news/2026/june/report-fraud-alert-warning-for-argos-shoppers-after-323-per-cent-spike-in-fraud-reports-mentioning-the-retailer/report-fraud-alert-warning-for-online-shoppers-after-spike-in-criminals-gaining-unauthorised-access-to-retailer-accounts/
2. https://www.emcrc.co.uk/post/currys-and-argos-account-warning-issued-by-police

Social Media Intelligence (SOCMINT)

1. https://www.reddit.com/r/LegalAdviceUK/s/NbOWRfzvgm
2. https://www.reddit.com/r/Argos/s/6uOo52UpHf
3. https://www.reddit.com/r/Argos/s/eZTgBhhNzp
4. https://x.com/donnaeenichols1/status/2060321697996161165
5. https://x.com/lottyburns/status/1983581827127259558

Relevant CTI Resources

1. https://www.cloudflare.com/learning/bots/what-is-credential-stuffing/