£850k scammed from Manx residents in 2023, says new report

Key Points:

• Scammers in the Isle of Man took over £850,000 from residents in 2023, according to the Cyber Security Centre.
• Losses included £130,000 from investment scams, £19,209 from text message cons, and £12,000 from romance fraud.

The Cyber Security Centre (CSC) in the Isle of Man has reported that residents lost over £850,000 to scammers in 2023. The report highlighted that £130,000 was lost to investment scams, £19,209 to text message cons, and £12,000 to romance fraud. CSC director Mike Haywood expressed concern over the numbers and said that these scams not only lead to financial losses but also erode trust and confidence within the community.

The report analyzed various cases of exploitation, including account hacking, phishing, purchase scams, and bank fraud. For example, one case involved a person’s eBay account being accessed, resulting in the purchase of £8,000 worth of goods within 20 minutes. The CSC emphasized that these figures are based on reports received and the actual number might be much higher.

Throughout the year, the CSC received 6,220 email reports and 701 cyber concerns, amounting to £862,334 lost to fraudulent activity. While the number of reports is considered relatively low, the CSC believes that they are just a fraction of the scams reported through social media and other platforms.

The CSC urged residents to report any suspicious behavior so that they can fight against cybercrime effectively. Reporting allows the CSC to collaborate with the private sector, develop tailored education and awareness initiatives, and counter the threats facing the Isle of Man.