Stay vigilant against financial scammers

No one thinks they’ll be caught out by a scam, but it happens more often than you think, says Danielle Ferguson

STAY ALERT: Make sure you know who you are receiving text messages from, as it could be a scam (photo: Getty Images)

THE PANDEMIC and rising cost of living has created more opportunities for scammers to try and target us – so it’s more important than ever that we remain vigilant to protect ourselves and our money.

New research from Citizens Advice released earlier this month found that more than three quarters of UK adults said they have been targeted by a scammer this year – a 14% increase compared to this time last year. 

The most common types of scams reported to Citizens Advice included energy scammers. Ofgem recently issued a warning about energy scams where scammers contacting you pretending to be from Ofgem. The scammers may suggest for example that you switch energy providers or ask for your bank details – which can then be used to commit fraud. 

Scams can come in many forms, but all are designed to get hold of your money, so knowing what to look out for when it comes to scams is one of the best ways to protect yourself.

Unsolicited or unexpected contact

It’s important to remember that if you receive any kind of contact out of the blue that this could be a scam. If you are unsure, it is best to avoid it. If you’re a customer of the company, use the contact details given to you in official paperwork or on their website to check if the person contacting you is legitimate.

ADVICE: Danielle Ferguson

Since January 2019, there has also been a ban on cold calling about pensions. This means you should not be contacted by any company about your pension unless you’ve asked them to.

Emails and text messages

If you receive an email that you’re not too sure about, expand the pane at the top of the message to see exactly who it has come from. If it’s a scam, the email address that the message has come from might not match up with the sender’s name, have misspellings, random numbers or be from one of your contacts that’s been hacked. 

This actually happened to me in a previous role where I received an “email” from my CEO requesting I purchase client gifts with my own money – it was a good thing I checked the email address when I became suspicious.

Scammers can also make their numbers look like one you trust. The scam text message might even appear in the same conversation as legitimate texts you’ve had before. This is known as ‘number spoofing’. You should avoid clicking on links in text messages and don’t be afraid to contact the company directly to check it’s a real message.

You can report suspicious messages that you have received but not acted upon easily. Suspicious emails can be reported by forwarding the original message to [email protected], while suspicious text messages can be reported by forwarding the original message to 7726, which spells SPAM on your keypad.

Quick decisions 

Be suspicious if you are pushed into making a decision on the spot. Scammers don’t want you to have time to think about it. Any legitimate company who calls you won’t mind if you hang up and call them back later. Always use the phone number you find on letters from the company or the back of your card rather than a number provided to you.

Too good to be true

If it sounds too good to be true, it usually is. This is something you normally find with pension or investment scams, where the fraudster guarantees you huge returns, but tells you it is low risk.

Box out copy: Three simple steps to keep yourself safe from fraud

  • STOP: Taking a moment to stop and think before parting with your money or information could keep you safe.
  • CHALLENGE: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
  • PROTECT: If you think you’ve been a victim of fraud, contact your bank immediately and report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040. 

Scams are getting more and more sophisticated, and anyone can fall victim. It’s nothing to be embarrassed or ashamed about but it’s important that you report it as soon as possible. 

If you want help with your immediate needs and help to see if you may be able to get your money back, visit moneyhelper.org.uk or call our financial crimes and scams unit on 0800 015 4402

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