Scams

Email and text fraud works by playing on your insecurities just long enough for you to make a mistake, says Martyn James.

t’s that time of year again when we need to talk about fraudsters. UK Finance have released their latest half-year fraud statistics that reveal that scammers have managed to pinch a whopping half a billion pounds in the first half of 2023.

https://www.scotsman.com/lifestyle/money/how-to-protect-yourself-from-every-kind-of-scam-martyn-james-4386956

Santander has called for businesses to be vigilant against scams where fraudsters are pretending to be an employee from the bank.

Con artists are phoning businesses up and asking members of staff to give them access to their online banking account with the plan to transfer cash into scammers’ accounts.

• 53% of Generation Z targeted via impersonation scam
• 75% of Facebook users have been contacted by a fraudster
• 81% of savers have funds restored after fraud-related losses

One in five adults in the UK claim to have been a victim of financial fraud, with Generation X most likely to have handed over cash to a scammer, Paragon Bank research has found.

https://ifamagazine.com/a-fifth-of-adults-have-fallen-victim-to-financial-fraud-with-generation-x-most-vulnerable-paragon-bank-research-reveals/

Nearly three-quarters (74%) of people have been targeted by scams in the past year, a survey indicates.

Six in 10 (61%) people surveyed for NatWest said they now see more digital and online scams than “real life” cons, such as bogus sellers going door-to-door.

https://www.itv.com/thismorning/articles/74-of-people-have-been-targeted-by-scams-in-the-past-year

Dorset Council is warning people who have carelines - the personal alarm system - to be on their guard against scammers.

The authority has had reports of incidents in which fraudsters are getting people to pay for services they don't have to.

Some careline equipment needs to be upgraded as part of Ofcom’s requirement for BT and Openreach to update the telephone system to a digital one.

A rogue trader has been fined more than £7,000 for fraudulently carrying out roofing repairs at a property in Park Hall, Oswestry at ‘an overly inflated price for significantly substandard work’.

https://www.shropshirelive.com/2023/10/13/news/rogue-trader-fined-more-than-7000-for-fraudulent-roof-repair-work/

Bargain hunters are being warned about criminals offering fake “clearance” and “closing down” deals.

Bogus sales are typically advertised on social media or through fake websites, and often draw on brands that have been in the news recently announcing store closures, Santander said.

https://uk.sports.yahoo.com/news/scam-warning-bargain-hunters-browsing-112546055.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr

There are many different types of cryptocurrency and investment scams. They can be very convincing, and anyone can be caught out.

Here’s our guide on what these scams generally look like, how to protect against them and what to do if you’re a victim.

Risk factors as we age can be social, emotional/psychiatric, and cognitive.

Financial scammers often target seniors, thinking that seniors are not of sound mind and that they have plenty of money in the bank.

Scams and financial abuse targeting older adults are vastly under-reported. Victims include both wealthy and low-income older Americans. In 2021, over 90,000 older Americans over age 65 were victims of fraud, estimated at $1.7 billion in personal losses.

Scam victims have been warned to watch out for cruel fraudsters who are stalking social media offering to help them recover their lost money.

Consumer group Which? is cautioning people who have recently fallen victim to a scam be on their guard against fraudsters contacting them and claiming they can get the money back. Usually the criminals will try to the victim to part with more cash as a fee to recover the losses, then disappear.