If it seems too good to be true...it is indeed too good to be true

THE epidemic of financial fraud in the UK has been compounded by the coronavirus crisis, which fraudsters have used as an opportunity to prey on consumers’ financial worries.

It appears to be a case of one step forward, two steps back when it comes to fighting this type of crime.

While the banking and financial industry has enjoyed success in preventing attempted unauthorised fraud to the tune of £736million, losses that have been suffered are still on the up, such is the enormous scale of the problem.

The internet is a rich trolling ground for the unscrupulous to convince unsuspecting victims to part with their hard-earned money. As such, the gatekeepers of the web – social media companies included – have a key role in tackling the scourge.

It is all too easy for fraudsters to promote their scams to the masses, so it is paramount that the Online Safety Bill puts a legal onus on these companies to do more in tackling the issue.

However, the responsibility is on individuals to avoid falling prey to financial fraud.

Scammers don’t discriminate – they cast a wide net, hoping the sheer quantity of potential victims will yield sufficient monetary haul.

Fraudsters are only too willing to exploit any ignorance or naivety. To make matters worse they have become more sophisticated in trying to pass themselves off as legitimate.

Scams can be difficult to recognise but there are things you can look out for such as a dodgy website address, poor grammar and spelling, and a lack of reliable contact information.

Never trust anyone wanting personal information and remember, if it seems too good to be true then it is indeed too good to be true.