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It’s never been more important to be on your guard when it comes to potential scams. Fraudsters are getting ever-more sophisticated in their methods and it can be increasingly difficult to spot when you’re being targeted, so here we look at how to protect yourself from scams to keep your money safe.
Online scams can come in many different forms, from fake online shops that you input your card details into, to phishing emails that collect personal information, and others that ask you to send money to a separate bank account. Anything that involves the internet can be classed as an online scam, with their purpose to capture your credit card details and personal information, access your login and password details, or simply steal your money outright.
Financial scams can include:
These are just a few of the most common types of financial scams you may come across, but there are many more besides, so it’s vital to be on your guard.
Anyone can be targeted by online fraudsters, which makes it difficult to prepare for. It’s typically thought that older people are more regularly targeted and therefore fall victim to scams more often, but this isn’t necessarily the case – the rise of online scams means that all ages can become targets, and many younger people have fallen victim, too.
Indeed, research from Citizens Advice found that while the over-55s are more likely to be targeted, the under-35s are nearly five times more likely to fall prey to scammers’ tactics, so the assumption that younger consumers are often savvier doesn’t always hold true.
The general rule of thumb is if something sounds too good to be true, it probably is. But there are other things you can look out for as well, such as if you’re being pressured into sending money to someone or need to “act now” to make the most of a deal, or if you’re being asked for personal information such as bank account details or pin numbers. Check that you’re dealing with a legitimate company by looking for a postal address and reviews online, and if you’ve received a suspicious email or text message, see where the communication is coming from and check the content for errors (there are often grammatical or spelling mistakes, branding issues or incorrect contact details, or it may have come from an email address that doesn’t seem official). If you still have any suspicions about a communication, never click an any links and never respond to it.
Never pay for anything by bank transfer (credit and debit cards can offer additional protection if something goes wrong; read more on the Consumer Credit Act), and equally never transfer money to an account that’s supposedly safe on the say-so of someone else. Always make sure to speak to your bank in person – by calling the number given on the bank’s website, not the number that you’ve been told elsewhere – and if you suspect that something isn’t quite right, always report it to the relevant authorities. The financial industry regulator, the Financial Conduct Authority, has some useful information about avoiding scams on the Scamsmart pages of its website.
Find out what to do if you’re scammed by reading our guide.
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Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
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