Financial fraud in the UK is an ongoing problem.
According to the Annual Fraud Report from UK Finance, in 2023 around 3 million cases resulted in £1.2 billion stolen through fraud. And £459.7 million was lost in cases of “authorised” fraud – where victims are tricked into sending money to a fraudster[1].
Professional fraudsters succeed because they often appear highly convincing
From the outside, frauds look and feel convincing.
Perpetrators often appear wholly legitimate, with professional corporate branding, slick websites, and official-looking paperwork. Sadly, well-organised criminals are lurking under the covers and working hard to steal your money.
From posing as experts, to claiming they have regulatory supervision, professional fraudsters can be highly credible, making it difficult to determine a fraud.
Fraud can cause financial losses and leave an emotional scar
You may have read reports from BBC news journalist, Peter Levy who has shared his own experience of falling victim to a scam.
In February 2024, Levy received a call and spoke to someone who claimed to work for his bank. They warned of suspicious activity on his account and encouraged him to share sensitive log-in details over the phone.
Once they gained access to his account, the scammers stole a significant amount of money. Fortunately, Levy was quick to realise what had happened. He contacted his bank, explained what had happened, and they helped him get his savings back.
He had a lucky escape. But while Levy recovered his funds quickly, the emotional toll lasted far longer.
Research reported by the Guardian revealed that “3 in 5 UK fraud victims said their mental health was negatively affected by the experience”[2].
Here are some helpful reminders that could help you identify a scam before it’s too late
From understanding fraudsters tactics to recognising when you’re being placed under undue pressure, here are four simple things to be vigilant of.
1. Look out for subtle differences in URLs, email addresses, and phone numbers. And be super cautious about sharing sensitive information over the phone, even when it sounds legitimate and appears to be a call from your bank – remember, scammers can spoof or disguise incoming phone numbers so what you see on your screen isn’t always true.
2. It’s illegal to cold-call about pension. So, if you receive an unsolicited call from anyone who wants to talk about your pension savings, hang up because it’s highly likely to be a targeted attack.
3. Scammers will often apply pressure by telling you an offer is time-limited, so don’t allow yourself to be pressured into making an on-the-spot decision.
4. Be wary of anyone promising high returns. The higher the promised returns, the riskier the investment they’re trying to tout. Remember – if it sounds too good to be true, it’s probably a scam.
Take time to seek impartial advice and do your own research into a company before you take any definitive action.
We’re here to help
With some scammers sending emails and text messages that look as though they come from a company you trust, it’s useful to bear in mind that Titan Wealth will never call you out of the blue and ask for your personal details.
These are the only ways we will contact you:
- A phone call from your personal financial planner or support team member – save our number so you know it’s us.
- Arranged video call or face-to-face meeting.
- Email from your financial planner or support team member or from a centralised email system. Check the domain name of any emails received – they should be from “titanwh.com”.
- Secure messaging through the Personal Finance Portal.
If you are contacted by anyone you are unsure about, don’t share any personal information. And if you are in conversation with someone about moving money or making an investment, talk to us first.
We can help you understand more about the financial decision and whether it is right for you.
Email info.wp@titanwh.com or call us on 0800 048 0150.
Please note
The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
[1] https://www.ukfinance.org.uk/system/files/2024-06/UK Finance Annual Fraud report 2024.pdf
[2] https://www.theguardian.com/society/2024/oct/23/secret-health-hell-being-scammed-felt-mind-disintegrating
