Money Matters: How to protect yourself against scams and fraud

In this week’s Money Matters column, Wrekin’s debt and energy manager Dan Bebbington examines some of the techniques used by scammers and how you can protect yourself against them.

Fraud is evolving rapidly in today’s digital world, with scammers employing increasingly sophisticated techniques to deceive both individuals and businesses.

One of the most common tactics involves impersonating legitimate organisations to gain their victims’ trust. This can include convincing targets to transfer money, or share information that can allow a fraudster to access your bank account, make purchases or take out credit in your name.

Scammers may pose as banks, government agencies or service providers, often using email, phone calls, or text messages to appear credible. They might claim your account has been compromised or that urgent action is required.

We have noticed a recent spike in the number of people receiving bogus texts from HMRC. Remember HMRC will never contact you via email, text or WhatsApp about things like unpaid tax or refunds. Ignore the messages and report to HMRC.

If you receive a call from someone claiming to be from your bank, a government department or a service provider (such as your broadband company), politely end the conversation and call back on a verified phone number.

Phishing emails are another common scam, and involve a fraudster directing victims to a fake website designed to steal login credentials, personal details or payment information. You should never click a link or attachment if you don’t know the identity of the sender or you weren’t expecting the email.

Scammers are also known to exploit platforms like WhatsApp, Facebook Messenger, and Instagram by impersonating friends or family, asking for money or sharing malicious links. Be wary of any unexpected messages – avoid clicking links and contact the person using another method.

You should also be wary when making purchases online. Before entering personal details, check that the website is legitimate. Look for a padlock symbol next to the URL (web address) and review feedback on platforms like Trustpilot.

Even if you think you’re pretty switched on when it comes to evading the scammers, you should make a habit of regularly reviewing your bank statements for any unusual or unauthorised transactions.

If you believe you’ve been targeted, act immediately.

If a payment as been made through your bank, they may be able to recover the funds and block further unauthorised transactions.

You should also notify the police via www.actionfraud.police.uk or call 0300 123 2040 to report the scam and receive further guidance.

As always, Wrekin customers who are concerned about any aspect of their personal finances can get in touch with our Money Matters team.

11th December 2024