Lloyds Bank warns of new scam quietly draining accounts from 'continuous payments'

has warned Britons of the rise in a social media that quietly withdraws money from victims' accounts through continuous payments they're unaware of.

According to the banking giant, social media scammers have been posing as DIY companies, along with other well-known retailers such as Screwfix, , Decathlon and Elemis, offering too-good-to-be-true deals on Instagram and Facebook. These fake adverts claim there is a time-limited offer for products at very low prices, with people asked to click through to enter a 'draw' or pay a small amount for postage. The fraudsters also post fake reviews underneath the adverts, pretending to be people who have received the cheap products or deals.

The product never arrives, but the fraudsters then use the information gathered to sign people up for monthly card payments - known as a 'continuous payment authority' - for non-existent services.

People only become aware of the scam later when they notice card transactions, typically between £30 and £40 every two to four weeks, that they don't recognise on their bank statement.

While the statement entries differ, around 80% of the payments appear with the code *PYD* and, where location services are available, usually show as based in Cyprus ('CYP' on the statement) or Ireland ('IRL').

Between January 1, 2025, and April 24, 2025, Lloyds saw around 1,400 chargeback requests from credit card customers who spotted unusual card transactions on their statements after signing up for a deal on social media platforms. This has led to £55,000 being charged back to the scam merchants.

Lloyds predicts a further £144,000 could be recovered, so it is encouraging people who have recently signed up to one of these deals to check their card statements and get in touch if they see anything they don't recognise.

Fake adverts to look out for

Fraudsters have been posing as Decathlon, who say they're selling off old stock to make room for new collections. Some old bikes are going for £1.87. People are told to hurry and click a link so they don't miss out on the promotion.

Fraudsters posing as Amazon have been claiming HP laptops are available for £1.87, to make way for new stock and to follow a link to take advantage of the 'exclusive' offer.

Elemis Beauty has also been targeted. With this scam, fraudsters say the retailer is testing new products and is offering free kits, with participants having to pay a small charge for delivery only.

In all cases, following the link directs people to a payment form, where card details are requested. The scammers use this information to sign people up to non-existent services and products, which charge the card every month.

Gavin Evans, senior fraud manager at Lloyds, said: "These scammers are pretending to be trusted, legitimate retailers, to make people think they're getting a great deal, but there are some clear warning signs people can look out for when these ads pop up on social media.

"The biggest one is that the offer is always too good to be true - expensive goods apparently available at incredibly low prices, with no sign of the deal on the merchant's website."

Those who notice an unusual card transaction on their statement are advised to always get in touch with their bank.

Mr Evans said: "Lloyds customers can get quick and easy support with unrecognised transactions by tapping on the payment in their mobile app, then pressing the 'get help with this transaction' button.

"In many cases, card protections will apply, which means your bank can reverse the charge back to the scammers."