In 2023, residents fell victim to scams resulting in losses exceeding £850,000.

That is according to the Cyber Security Centre for the Isle of Man (CSC) annual version of its threat report which recorded scams being the cause of £862,334.

Vishing, which are phone call scams, had by far the most financial impact on residents, resulted in £416,771 in financial losses.

In October, Manx residents were the target of a telephone scam campaign where the criminals pretended to be from a bank’s ‘Isle of Man Fraud team’. In several instances these telephone calls have led to substantial financial losses.

Scammers spoke to their victims directly, claiming that there were suspicious transactions on their accounts and that money needed to be moved to a safe bank account, which was the criminal’s bank account. In some or all instances, scammers seemed to know the victim’s name and this created a sense of trust and legitimacy to the calls, the report says. The scammers were so convincing that they encouraged their victims to visit their local branch to arrange the bank transfer in person.

Also noted in the report, are romance scams, which are reported regularly throughout the year and can have both a serious emotional and financial impact on victims, with the CSC saying it is aware of instances where victims have sent over £10,000 in the hope of their online partner visiting the island.

Mike Haywood, director at the Cyber Security Centre for the Isle of Man said: ‘These figures present a worrying picture. Behind every pound lost is a victim whose emotional wellbeing may also be affected.

‘These scams not only result in financial losses but also erode trust and confidence within our community, in some cases impacting the victim's health.’

The report also highlights other eye watering figures lost to online scams, including £130,000 lost to Investment scams, £19,209 lost to text message scams, and £12,000 to romance scams. However, the report clarifies that these figures only come from the reports received and the actual figure is likely much higher.

Mr Haywood adds: ‘We encourage anyone who has been in receipt of or been a victim of, a scam to report it to us. We can only fight against cybercrime if we have a picture of the threats facing our island. Reports allow us to work with the private sector and tailor our education and awareness initiatives counter the threats.’

The full threat report is available online and residents are encouraged to contact report any cyber concerns to the CSC.