10:51 AM, 29th July 2020, About A year ago 5
Using the coronavirus pandemic as an opportunity, fraudsters are using sophisticated methods to callously exploit people, with many concerned about their financial situation and the state of the economy. To coincide with the launch of its new animation urging people to follow the advice of the Take Five to Stop Fraud campaign, UK Finance today reveals ten Covid-19 and lockdown scams which criminals are using to target people to get them to part with their money.
Some scams manipulate innocent victims, urging people to invest and “take advantage of the financial downturn”. Others impersonate well-known subscription services to get people to part with their cash and personal information. Criminals are even posing as representatives from the NHS Test and Trace service in an effort to trick people into giving away their personal details.
To remind people that criminals are experts at impersonating trusted organisations, UK Finance has launched a new animation video urging people to follow the advice of the Take Five to Stop Fraud campaign. Consumers are reminded to always take a moment to stop and think before parting with their money or information in case it’s a scam.
The ten scams to be on the lookout for and how to spot them:
Covid-19 financial support scams
The banking and finance sector is working with the government and law enforcement to help identify scams and prevent people becoming victims of fraud. The industry is also encouraging everyone to remain vigilant and to follow the advice of the Take Five to Stop Fraud campaign, and to Stop, Challenge and Protect when they receive any messages out of the blue:
Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.
In order to spot a Covid-19 scam, people should be on high alert if:
Managing Director of Economic Crime at UK Finance, Katy Worobec, said: “During this pandemic we have seen criminals using sophisticated methods to callously exploit people’s financial concerns, impersonating trusted organisations like the NHS or HMRC, to trick them into giving away their money or information.
“The banking and finance industry is tackling fraud on every front, investing millions in advance technology to protect customers and working closely with the government and law enforcement to stop the criminal gangs responsible and neutralise the threat.
“We would always urge people to follow the advice of the Take Five to Stop Fraud campaign to keep their money and personal information safe from fraudsters.”
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