Would you SPOT A SCAM?

Fraudsters are getting more cunning, so wise up to how they operate and stay one step ahead to protect your money

MOST OF US THINK WE KNOW how to avoid the traps of financial fraud, like never giving out a PIN or full password, or feeling pressured into making a decision. The trouble is, in the heat of the moment, it’s easy to forget those things. If a caller says they’re from your bank or an organisation you know, your instinct is to trust them. But this scenario shows how scammers can trick you.

IT’S AN EMERGENCY

You’re in a rush to pick up the kids from school when your phone buzzes. You almost leave it to go to voicemail, but thank goodness you pick up. It’s a woman from your bank, and she sounds genuinely concerned.

‘I’m afraid there has been some fraudulent activity on your account,’ she says quickly. ‘It’s important that you work with us, to make sure you don’t lose money.’

You’re shocked and dismayed by this news – but instinct warns you to be cautious.

‘How do I know this is a genuine call?’ you ask.

The woman says you’re right to SOMEONE BECOMES A VICTIM OF FINANCIAL FRAUD EVERY 15 SECONDS, WITH £2 MILLION LOST EVERY DAY IN THE UK.* TAKE FIVE TO STOP FRAUD IS THE NATIONAL CAMPAIGN FROM FINANCIAL FRAUD ACTION UK AND THE UK GOVERNMENT, BACKED BY THE BANKING INDUSTRY. IT’S URGING EVERYONE TO STAND UP TO SCAMMERS BY QUESTIONING ALL ATTEMPTS AT GETTING INFORMATION OR MONEY OUT OF YOU.

IF YOU ARE APPROACHED FOR PERSONAL OR FINANCIAL DETAILS, WHETHER IN PERSON, BY EMAIL OR ON THE PHONE, ALWAYS STOP, TAKE FIVE TO THINK, THEN SAY,

My money? My info? I don’t think so! question her. She has your bank account number and your full address. Reassured, you agree to follow her instructions.

She says the bank can protect your money straight away – all you need to do is move it to a new, safe account. Better still, she’s already set it up for you in readiness.

‘Once it’s moved, the fraudsters won’t have access to your account,’ she explains.

MONEY ON THE MOVE

Hastily you shift your entire balance out of your usual account and into the new one.

It’s a relief – at least you know your money is safe again.

Finally, you thank the woman from the bank for all her help, hang up, and rush out to get to the school gates on time.

But later, you’re feeling uneasy about that call from the bank, and decide to ring them to check. Your qualms are fully justified – your bank confirms it was a scam. You’ve become a victim of fraud.

‘My money? My info?

I don’t think so!’