Risk of Scams and Fraud
There are many different ways scammers will try to access your money so understanding what scams are and how to protect yourself will keep your money safe. Often scams will be in the form of text messages or emails which may look genuine but are trying to get personal information from you. The Financial Conduct Authority has some tips on how to spot the warning signs and protect yourself. Why not sign up for scam alerts from Which? to get information on the latest scams so you know what to look for?
Energy Scams
One type of scam to look out for is energy scams which is when people pretend to be energy companies to get access to your money or information. You could be contacted in various ways, such as by phone call, via social media or email. The Energy Saving Trust'sLink opens in a new window top ways to spot a scam are:
- A deal looks too good to be true.
- You’re being pressured to transfer money quickly.
- You’ve been asked to pay unusually.
- You suspect you’re not dealing with a real company.
- You’ve been asked to give away personal information such as passwords or PINs.
If you suspect you have received a scam email you can forward it to report@phishing.gov.uk to report it.
Purchase Fraud
Purchase Fraud is when criminals scam you into paying for goods and services that don’t exist. This is usually done through auction sites like Facebook Marketplace or social media ads. Scammers will often use graphics from real companies to trick you into thinking the ads are genuine to make you feel more comfortable sharing personal information. The Take Five campaign to stop fraud warns you should be wary if a product seems too cheap or if the website you are purchasing from was only recently launched. Take Five has advice on how to protect yourself from various scams such as:
Money Mules
Criminals are targeting students and young people to become money mules. This involves letting someone use your bank account to transfer money, which you then get to keep a small amount for yourself before passing the money on. However, this money is usually profits from criminal activity and if you get caught you could get a criminal record. The National Economic Crime Centre and Vice have made a short film about the dangers of becoming a money mule. You can also find more through the Don’t Be Fooled website and Crooks on Campus. Visit our stand in the 1st Floor Foyer of the Library on the 7th March to speak to a Police Officer from West Midlands Police.