Fans of the band Oasis have been defrauded of more than £2 million through social media scams, primarily on Facebook, Lloyds Bank disclosed on Wednesday.
The victims believed they were purchasing tickets for concerts of the recently reunited pop group.
The bank estimates that in the UK alone, over 5,000 people have fallen victim to the scamssince the start of ticket sales.
In late August, the Gallagher brothers announced that Oasis, which split up 15 years ago, was getting back together for a series of concerts in the UK and Ireland, sparking significant interest.
However, chaotic ticket sales for shows in Cardiff, Manchester, London, Edinburgh, and Dublin led to anger and frustration among buyers due to platform crashes and the unexpected implementation of variable ticket pricing, driving prices sky-high.
Scammers quickly targeted disappointed fans on social media with fake ads offering tickets at reduced prices, according to the bank.
Nine out of ten victims were scammed via Meta’s social media channels, mostly on Facebook.
The prevalence of fraud from fake social media ads, often against the platforms’ own guidelines, highlights the need for these companies to take stronger action, according to Liz Ziegler, Director of Fraud Prevention at Lloyds.
Lloyds estimates that about 1,000 of their customers were affected, losing an average of £436 each, with one individual losing as much as £1,700.
In September, the UK’s Competition and Markets Authority (CMA) launched an inquiry into Ticketmaster’s resale practices to determine whether sellers were provided with clear information and if they felt pressured to purchase tickets within certain time frames.
