Lloyds Bank warns of social media scams emptying accounts

Lloyds Bank is warning customers about a specific code, PYD, on bank statements that indicates they may be victims of social media scams, leading to unauthorized monthly payments. The bank reports a surge in scams on Facebook and Instagram where criminals impersonate legitimate retailers, offering deals that are too good to be true, often with payments originating from Cyprus or Ireland. These scams involve fake adverts and reviews. Customers are advised to be vigilant about suspicious transactions and contact Lloyds Bank immediately if they see the PYD code or any unusual activity on their statements.