Barclays issues warning to anyone with £14,000 in their bank account

Barclays Bank has released a warning for its customers, predominantly focusing on an escalating trend where individuals are losing an average sum of £14,000 due to investment scams. The bank specified that last year alone, victims were typically swindled out of around £14,313, with the 21-40 age bracket accounting for almost half of all declared cases.

Barclays divulged how fraudsters frequently entice unsuspecting folks by promising lucrative returns on small investments. Initially, they pay out using money lifted from other victims to produce the appearance of a profitable venture, leading to even larger losses in the end.

In response to this growing issue, Barclays is providing crucial guidance for their customers. They advise:.

"1. Social media thrives on human impulse and scammers often create a false sense of urgency. Pause and reflect before committing to any investments."

Read more: Holidaymakers warned away from airport and station Wi-Fi which could hold hidden dangers Keep up to date with all the latest breaking news and top stories from the North East with our free newsletter

"2. If an offer seems too good to be true, it probably is. Speak to a qualified financial adviser or family member to get a second opinion. Be wary of taking investment recommendations from a friend without doing your own research.".

"3. Check to see if the person or organisation contacting you is Financial Conduct Authority-authorised via the financial services register or the FCA's ScamSmart investment checker." as reported by Birmingham Live.

Barclays has issued a warning that investment scams are becoming increasingly sophisticated, with fraudsters using aggressive tactics to trick individuals into purchasing worthless or non-existent shares.

If you've expressed interest in their fraudulent company on social media, or found them through a Google search, they might reach out to you. Alternatively, they could simply call you out of the blue, promising a significant return in a short period.

The Financial Conduct Authority (FCA) has created ScamSmart, an online tool designed to help consumers discern whether their investment is a scam or genuinely legitimate.