People looking to make extra cash as costs rise urged to ‘stay alert for fraud’

PEOPLE looking for opportunities to make some extra cash as living costs bite are being urged to watch out for fraud.

More than half (56%) of people say they are likely to look for opportunities to make extra money in the coming months due to the rise in the cost of living, according to trade association UK Finance’s Take Five To Stop Fraud campaign.

This could leave some people more susceptible to fraud. One in six (16%) people said the rising cost of living means they are more likely to respond to an unprompted approach from someone offering an investment opportunity or a loan.

Young people in particular were more likely to be at risk, the survey of 2,000 people across the UK suggested.

More than a third (34%) of 18 to 34-year-olds said they are more likely to respond to an unprompted approach from someone offering an investment opportunity or a loan with three in 10 (30%) saying they are also more likely to provide their personal or financial details to secure the arrangement.

Overall, three in five people (60%) said they are concerned about falling victim to financial fraud or a scam.

Katy Worobec, managing director of economic crime at UK Finance, said: “The rise in the cost of living can be worrying and stressful and for many, keeping on top of finances might be a struggle.

“It’s important for everyone to be conscious of criminals taking advantage of people’s anxieties around finances by staying alert for fraud.

“We encourage everyone to follow the advice of the Take Five campaign - always be cautious of any messages or calls you receive and stop and think before sharing your personal or financial information.

“Avoid clicking on links in unsolicited emails or text messages.”

Recent figures from UK Finance showed that £609.8 million was lost due to fraud and scams in the first half of 2022.