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Barclays customers have been warned they could lose £3,400 from their bank accounts. New data from the high street bank shows reports of mobile phone text scams among Gen Z customers have increased 63 per cent since 2023, as fraudsters make themselves harder to spot by contacting victims directly. Despite the rise in scams instigated via SMS messages, social media remains the greatest source of fraud reported by Gen Z in 2025, at 59 per cent. Gen Z is usually defined as the demographic born between 1997 and 2012 - also known as Zoomers, they're the first generation to have grown up with modern technology including the internet and smartphones. This comes as Barclays data shows the typical investment scam – the majority of which originate on social platforms – has more than doubled in just two years, rising from £1,600 in 2023 to £3,400. READ MORE Almost two-thirds (62 per cent) of Gen Z have noticed more scammers operating on social media sites in the last year. In order to stop scams at their source, seven in 10 (72 per cent) want to see tech companies doing more to prevent fraudsters operating on their platforms. Vim Maru, CEO of Barclays UK, said: "Fraud is still the biggest crime this country faces, and it's evolving fast. Arming consumers with information and tools to spot and stop scams is essential in order to keep them safe. "However, we cannot underestimate the threat these criminals pose, and must act urgently to stop them at source. Collaboration across industries, with the Government leading the fight, is the best strategy to win against these fraudsters." The UK's National Cyber Security Centre, a Government agency, offered guidance on dealing with suspicious texts. It said: "The purpose of a scam text message is often to get you to click a link. This will take you to a website which criminals use to download viruses to your computer, or steal passwords or other personal information. This is sometimes known as 'phishing'. "Most phone providers are part of a scheme that allows customers to report suspicious text messages for free by forwarding it to 7726. "If you forward a text to 7726, your provider can investigate the origin of the text and arrange to block or ban the sender, if it's found to be malicious." Barclays' data on investment scams was collected from consumer accounts between January 2023 and August 2025. The consumer research was carried out between September 23 and 26, 2025, by Opinium on behalf of the bank. There were 2,000 UK respondents, providing a representative sample of this group by gender and region. An additional survey of 500 Gen Z adults aged 18-28 was carried out between September 23 and 30. Get breaking news on BirminghamLive WhatsApp . Join our dedicated community for the latest updates sent straight to your phone as they happen. You can find out more about cost-of-living issues in our Money Saving Newsletter, which is sent out daily via email with all the updates you need to know on pensions , PIP , Universal Credit , benefits, finances, bills, and shopping discounts. Get the top stories in your inbox to browse through at a time that suits you.
