The crooks’ cruel tricks

... and their most cynical ploy? Posing convincingly as your bank — which then won’t compensate you

SCAMMERS are using a string of ingenious swindles to con bank customers out of their money. Here, Money Mail reveals the nature of the scams and how much they are raking in each year.

PRETENDING TO BE YOUR BANK OR THE POLICE

Criminal contacts the victim purporting to be from either the police or the victim’s bank and convinces the victim to make a payment. Often the fraudster will claim there has been fraud on the victim’s account and they need to transfer the money to a ‘safe account’ to protect their funds. However, the criminal controls the recipient account. Criminals may also pose as the police and ask the individual to take part in an undercover operation to investigate ‘fraudulent’ activity. Cost of scam each year: £22.2million

IMPERSONATION

Fraudsters also pose as organisations such as utility companies, telephone providers or government departments and claim the victim must settle a fictitious fine or return an erroneous refund. the scams can often involve the criminal requesting remote access to the victim’s computer. Cost: £14.4million

INVOICES

Victim attempts to pay an invoice to a legitimate payee, but the scammer intervenes to convince the victim to redirect the payment to the scammer’s account. Often involves email interceptions. Criminals often pose as conveyancing solicitors, builders and other tradesmen, claiming that the bank account details have changed. Cost: £49.3million

PURCHASES THAT NEVER ARRIVE

Victim pays in advance for goods or services that are never received. these scams usually involve an online platform such as an auction website or social media. Common scams include the apparent sale of a car or a technology product, such as a phone or computer, advertised at a low price to attract buyers. Criminals also advertise fake holiday rentals and concert tickets. While many online platforms offer secure payment options, the criminal persuades their victim to pay via a bank transfer instead. Cost: £19.4million

ADVANCE FEES

Criminal convinces victim to pay a fee which would they claim would result in the release of a much larger payment or high value goods. However, no such payment exists. typically, it is claimed that the victim has won an overseas lottery or that gold or jewellery is being held at customs and a fee must be paid to release the funds or goods. Cost: £5.9million

INVESTMENTS

Victim persuaded to move their money to a fictitious fund or to pay for a fake investment. High returns offered to entice their victim. scams have involved gold, property, carbon credits, land and wine. Cost: £20.8million

ROMANCES

Victim persuaded to make several payments to a person they have met, often through dating websites and with whom they believe they are in a relationship. the ‘relationship’ is often developed over a long period and the individual is convinced to make multiple, generally smaller, payments. Cost: £5.3million