2020 saw the highest number of scams on record, according to new research from major banking group Barclays.

The number of people scammed increased by 66% in the second half of the year compared to the first half.

By value, Barclays noted that the largest claims came from investment scams (29%) and impersonation scams (29%).

Investment scams often use cloned webpages to appear legitimate to the untrained eye. Impersonation scams involve a customer being convinced that their account is at risk and moving their money to a so-called ‘safe account’.

Recently, impersonation scams have become more advanced due to advances in deepfake technology. Criminals can use software to alter their voices to sound like people the victims trust, making them more likely to hand over sensitive data.

Furthermore, cyberattacks frequently leverage a social engineering factor to prime people before a scam. This involves gathering data about them and the place they work at to build trust and better target the scam.

Barclays found that the use of fear and intimidation has proven to be a powerful tactic, making impersonation scams the most commonly recorded scam by volume (22%) for Barclays in 2020. This also helps take advantage of concerns about the coronavirus or finances that many people experienced over 2020.

Furthermore, the bank found that despite the increase in scams, over half of the people who have been scammed felt too embarrassed to report the crime.

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In order to help fight the stigma against fraud, Barclays has partnered with Countdown star and lexicographer Susie Dent.

She said: “There are plenty of things that people could find embarrassing. Being mocked by some of Britain’s top comedians on national television could be one of them, or publishing a book full of spelling errors could be another, but being a victim of fraud and scams shouldn’t be. Through talking about our experiences, we can work to remove the harmful stigma and embarrassment that comes from being duped.”

Jim Winters, Head of Fraud at Barclays said: “With more and more Brits finding themselves the victim of fraud and scams, Barclays is challenging the stigma associated with being embarrassed and encouraging people to speak out about their experiences.

“There are actionable steps you can take to help protect yourself against being scammed. If you’re suspicious, talk to someone you trust. Don’t be afraid to admit to being duped into a scam. When you receive a suspicious email, phone call or text message, never assume it’s who you think. And most importantly, don’t ignore your concerns. If ever in doubt, speak out.”

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2020 has been a dangerous year for cybersecurity for two major reasons – increased sophistication and uncertainties caused by the coronavirus and Brexit.

Barclays had previously warned that businesses face a rise in cyber-scams trying to leverage concerns about Brexit. With the coronavirus vaccine rolling out, emails offering people fake vaccination appointments have become more common.

And a report from Europol and the United Nations Interregional Crime and Justice Research Institute (UNICRI) warned that of the threat posed by the use of AI by cybercriminals. In addition to creating more accurate deepfakes, AI can be used to better scale and target scams.