The fraudsters are fighting back
There was a time – not too long ago, though it feels like a different era – when the idea of identification fraud made us all rush out to buy household shredders.
The plastic bucket with razor sharp teeth would sit self-importantly in the corner of the room, and in it we’d put our trust and our old bills in an attempt to thwart unscrupulous criminals desperate to fish around in our bins for dates of birth and account numbers.
Of course we’re now in a near paperless society and all our important financial transactions are done online. So we’re safe right? No. Despite having a host of passwords and security keys to remember still almost one in ten of us fall victim to fraud every year.
And ID fraud is on the rise – a record 173,000 cases were reported in the UK last year according to fraud organisation Cifas – and the fraudsters are getting smarter all the time.
There are scams which involve paying for bogus technical support to deal with a non-existent computer virus or scams involving official-looking emails asking for bank details. Experts believe fraudsters even hack into victims’ email accounts and redirect emails from, say, people’s solicitors to themselves; the fraudsters then create an email address like the solicitor’s and send the victim emails.
It’s no wonder then that when Which? launched an online reporting tool last September, within two weeks, around 650 people reported electronic transfer money losses totalling £5.5m; an average of £8,500 each.
Too many of us have a false sense of security around our online financial information – and of course there’s really only a slim chance of getting your money back if you’re the victim of bank transfer fraud.
So it’s more important than ever to be on your guard. Take the steps outlined here to protect your money.
Remember and email me with your consumer queries askalex@which.co.uk