The Rising Risk of Online Ticket Scams
Recent data from Lloyds Bank show that concert ticket scams rose by an eye-watering 158% last summer. It’s not hard to imagine that the reunion of Oasis, one of the most popular global music bands, would cause a similar effect.
Oasis fans have been targeted by ticket scams on social media and hundreds of ticket fraud claims have surfaced since the reunion was announced. Victims have lost an average of £346, and in some cases as much as £1,000.
CyXcel’s Chief Product Officer Megha Kumar spoke to BFBS Radio on 7 November about how these scams work. Associate James Farrell explains how individuals can protect themselves from ticket scams and similar online fraud.
Nearly half of all concert ticket scams start on Facebook, which has become the platform most used by scammers and innocent victims looking for the best bargains via Facebook group pages.
Ticket frauds usually take place when tickets first go on sale and when the event is nearing the date, when demand is highest. Scammers create fake adverts, posts or listings on social media with offers and add-ons such as VIP access. Scammers often ask for upfront payments, but once the payment is made, the tickets do not come through or are fake.
How to protect yourself from ticket scams?
If something seems too good to be true, it usually is. Some simple steps can help:
- Only buying tickets from trusted sources. If in doubt, it is useful to check if a ticket seller is a member of the Society of Ticket Agents and Retailers (STAR), a UK government-approved sales body where vendors need to sign up to a Code of Practice to ensure that ticket buyers are not scammed.
- Paying for tickets with a credit card or via payment platforms such as PayPal which offer a better chance of getting the money back if someone becomes a victim of fraud.
- Using different email accounts for activity such as ticket purchases to insulate sensitive data held on personal emails.
- Using strong passwords for all online accounts (ideally, comprising three random words and a number) and using multifactor authentication for extra security in case something goes wrong.
As individuals and organisations increase online activity for business, economic transactions and communication, the threat from online scammers will continue to rise. This makes vigilance, diligence and adherence to cybersecurity best practice essential.
We can help
CyXcel’s economic and business crime lawyers are experts in acting for both businesses and individuals on matters involving issues such as fraud and corporate crime, bribery and corruption, money laundering, and data protection breaches.
We provide preventative compliance advice to businesses, which helps limit the risk and exposure to criminal and regulatory sanctions. We also offer training and e-learning packages that augment that service.
For more information, or to speak with one of our team about how we can help your business, contact us today.