When sending money, most banks will notify you if the name on the bank account doesn’t match the name you entered for the transfer. If this occurs, take it as a reason to double-check.
Be cautious of scammers impersonating children who claim they can’t access their usual bank accounts.
Now read: Ever been a customer of BT, Apple or VW? You could be in line for a payout
Impersonation scams
Many scammers pretend to be banks, HMRC, police, and other trusted organizations when requesting money.
In the case of bank impersonations, scammers often call and pose as police investigators, using the excuse that they can’t involve them in the conversation because they are investigating your bank. Alternatively, they may pretend to be from your bank’s fraud team.
They will then claim they need to move your money to a safe account to prevent fraudulent losses. Ironically, this so-called safe account is anything but safe, and once the funds are transferred, you become a victim of the scam.
If you inquire about the recipient’s name not being the bank’s, scammers will say it’s the name of the bank manager responsible for your funds.
“No bank would ever ask you to move your funds to a safe account,” stated Mr. Skinner.
Scammers pretending to be HMRC become more active during tax return season, as they know people are more likely to expect communications from the tax authority. They often use fake texts and emails to encourage people to click on links and disclose their bank information.
There is also a common phone scam where a recorded message claims that there is an arrest warrant due to unpaid taxes. Rest assured, HMRC would not issue such a notification, so do not panic and make a payment over the phone.
Investment and cryptocurrency scams
Scammers targeting midlifers often indulge in investment scams, especially those involving cryptocurrency, as this group usually has more disposable income.
Many investment scams originate from social media platforms, with Instagram being responsible for six out of ten of them, according to TSB. These scams often exploit the involvement of celebrities in their promotions.
After expressing interest in the “investment” by following a link, scammers will contact you, pretending to be financial advisors or representatives of a company. They promise high returns if you invest in their cryptocurrency or scheme.
They may assign you a trader and show fake returns accumulating in your account. However, when you request to withdraw your money, the advisor disappears.
The losses incurred through investment scams can be so significant that they have lifelong and extremely damaging impacts.
The cost of living crisis has made people more desperate to supplement their savings, and fraudsters take advantage of the fear of missing out.
“Although there are legitimate cryptocurrencies and providers, there are also unscrupulous individuals using it as a scam,” warned Mr. Skinner.
When investing, it is essential to conduct due diligence. Check the FCA warning list to ensure that the company you are dealing with hasn’t received any cautionary notes and is regulated by the watchdog.
“You’d be amazed at how many people, based on a single online interaction, are willing to give away £50,000,” he added.
Ms. Sinclair advised verifying websites and individuals you are dealing with, as scammers sometimes redirect victims to fake versions of legitimate platforms.
Romance scams
Romance scammers often target midlifers who have extra disposable income. Although victims are spread across different age groups, those aged 51 to 65 bear nearly half of all financial losses, according to TSB.
Typically, scammers establish virtual romantic relationships, messaging victims for months to build trust before asking for money and disappearing. Falling for a romance scam can be devastating due to the feeling of betrayal.
With many relationships starting online, it’s easy to be deceived.
Scammers always have a reason for asking for money, such as requesting funds for a plane ticket to meet the victim. Ms. Sinclair advises validating the stories of individuals you encounter online before sending money.
“Before you send money at all, speak to your loved ones. It’s often the best way to realize if you’re being targeted by a scam,” she recommended.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
