TSB, a UK-based bank, has been impacted by a 55% surge in investment scams, primarily driven by cryptocurrency fraud targeting its customers. Victims, including finance professionals, were deceived via fake social media ads, deepfake videos, and impersonated businesses, leading to losses exceeding £97.7 million in H1 2025 (over £500,000 daily). Scammers used fabricated trading platforms to lure victims into small initial payments (e.g., £250), then escalated demands for 'fees' or 'taxes' to release non-existent winnings. Some individuals lost hundreds of thousands of pounds, with fraudsters exploiting vulnerabilities in social media and telecom sectors to bypass banking safeguards. While TSB’s director of fraud, Richard Daniels, highlighted the systemic failure of platforms like social media to block scam content at source, the bank remains exposed to reputational damage and financial liabilities tied to customer fraud enabled by external cyber vulnerabilities. The broader UK banking sector reported a 3% rise in total fraud (£629m), with TSB’s association with the issue amplifying scrutiny over its fraud prevention measures.

TSB's online banking platform left several customers unable to access their own accounts, yet able to view other people. Claims the problem is now fixed, however several of the bank’s customers were still reporting issues with one claiming to have been credited with £13,000, which did not belong to him. Many customers had already taken to Twitter to complain about not being able to log into their online banking accounts or being able to transfer funds and make payments.