Did you know that fraud is the most commonly experienced crime in the UK?
According to the National Crime Agency (NCA), it accounts for over 40% of criminal activity in England and Wales, with 3.5 million incidents experienced between April 2022 and March 2023 [1].
Criminals will often use deceptive emails, texts or phone calls to attempt to steal your personal information or money.
Worryingly, these scammers can target anyone at any time and are capable of stealing significant sums. IFA Magazine reports that, 1 in 8 high net worth individuals have fallen prey to scams in the last six months, losing an average of £13,000 each [2].
Fortunately, there’s lots you can do to defend yourself against this type of criminal activity – read on to discover how.
Being aware of potential scams can help you spot them
In the ancient Chinese text The Art of War, military strategist Sun Tzu stresses the importance of knowing your enemy. And this fifth-century battle strategy can be applied to 21st-century scammers.
Understanding common types of scams is an effective way of protecting yourself from falling victim to fraudsters. Though, as criminals are constantly changing their methods in an attempt to catch you out, this can be challenging.
With that in mind, here are three common scams to be wary of at the moment:
The “hi mum” scam
The “hi mum” or “hi dad” scam targets parents by pretending to be their child. Typically, a message will come from an unrecognised number. Impersonating your child, the scammer may say their phone is broken and ask you to save the new number under your child’s name.
If successful, they’ll then go on to ask for money.
“Too good to be true” deals
When it comes to online offers, if it seems too good to be true, it probably is.
Recently, scammers have been advertising fake offers from household brands such as ASDA and Amazon. These ads normally promise free vouchers or products. To create a sense of urgency, deals will often be available for a limited time only.
Beware though, promotions like this usually lead to an online form designed to collect your personal data.
HMRC phone calls
Scammers have been impersonating HMRC for a long time. Criminals will call with a pre-recorded message informing you that legal action is being taken against you for unpaid tax.
Sometimes, they’ll use threats to pressure you into giving over personal details.
If you find yourself faced with a potential scam, it can be a scary experience, but don’t fear; there’s a lot you can do to protect yourself in these types of situations. That leads us to…
6 simple and effective tips to help you protect yourself from scams
The dominance of the internet and smartphones in our lives means we can be contacted by scammers more easily than ever. According to Which?, a quarter of UK email users receive suspicious emails every day [3].
The good news is that there are plenty of ways you can protect yourself from falling prey.
1. Know when to be on your guard
While a fraudster could try their luck at any time, they will often strike when they think you’ll be distracted, like when you’re rushing out of the door for work or relaxing in front of the TV after a busy week.
The Independent reports that 20% of scam victims were distracted when targeted, so, being vigilant even when preoccupied could help reduce your risk of falling victim to scams [4].
2. Check you’re dealing with a genuine party
If you receive a message claiming to be from your bank or a courier, ensure the communication is genuine before acting. If you have any doubts, contact the company directly through their official customer service channels.
3. Ignore anything that sounds too good to be true
As you previously read, scammers often advertise enticing offers to encourage you to share your personal data. So, if you see a promotion that seems too good to be true, it’s probably best to ignore it.
4. Take a moment to think
Criminals sometimes use urgency to force you into doing what they want there and then. If you ever feel pressured by someone on the phone, stop and take a breath.
Hang up and talk to someone you trust about the situation. With a fresh pair of eyes, it can quickly become clear if you’re being scammed.
5. Protect your personal details
Guarding your information from prying eyes could make life more difficult for scammers. Do this by never using duplicate passwords, shredding sensitive documents, redirecting post when you move house, and not sharing personal information online.
6. Use the Titan Wealth Planning Personal Finance Portal
Our Personal Finance Portal (PFP) gives you an instant overview of all your finances in one secure place. With the PFP you can:
- Get an up-to-date valuation of your portfolio
- Check your progress against your financial goals
- Securely contact us using encrypted messaging
- Store and access your financial documents in our secure document vault
- Access your financial information anywhere with our iPhone or Android app.
By contacting us through our PFP, and storing important paperwork in our document vault, you could reduce the risk of your sensitive information being intercepted or falling into the wrong hands.
Your documents are also backed up and stored in the cloud, so you’ll never lose them – no more ransacking the filing cabinet to find an elusive piece of paper!
Get in touch
If you fear you may have been a victim of fraud, we are here to help. We can support you through these difficult times and keep you on track to achieving your financial goals, whether you’ve been targeted or not.
To find out how we can help you, email info.wp@titanwh.com or call us on 0800 048 0150.
Risk warnings
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.
Sources:
[1] https://www.nationalcrimeagency.gov.uk/what-we-do/crime-threats/fraud-and-economic-crime
[2] https://ifamagazine.com/saltus-41-of-high-net-worth-individuals-have-been-a-victim-of-financial-crime-more-than-a-third-of-whom-were-targeted-in-the-past-6-months/
[3] https://www.which.co.uk/news/article/a-quarter-of-uk-email-users-receive-suspicious-emails-every-day-aaIu88t8aZkP
[4] https://www.independent.co.uk/money/scam-phone-check-time-day-b2543984.html
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