The £221 Million Scam Epidemic Hiding on Social Media

Wirex Limited, the UK-regulated payments arm of Wirex, reported that it stopped £442,149 in potential scam losses through 238 interventions in the first half of 2026, while handling more than 7 million transactions worth about £600 million. Its CEO, Chet Shah, said social-media investment scams were its most common fraud type in that period, with victims often approving payments they believe are legitimate. UK Finance data cited by the company show investment scams cost UK victims £221.5 million in 2025, up 40% from the previous year, and that 66% of authorised push payment scams—where a customer authorises a transfer—begin online. Since October 7, 2024, eligible UK victims of such scams can be reimbursed up to £85,000 per claim.