The cost of living crisis and Christmas shopping sprees have presented fraudsters and scammers with the perfect opportunity to target us all. Recent data suggests that the average customer who falls victim to an online scam will lose in excess of £1,000 and some lose much, much more. The criminals involved are increasingly sophisticated and, as we all continue to rely on our devices to shop, manage bank accounts and generally organise our lives, it has never been more important to be vigilant. We thought it might be useful to share a list of 10 key ways that you can help to protect yourself, which have been compiled by Action Fraud, an arm of the police force (www.actionfraud.police.uk):

1. Do not give any personal information (name, address, bank details, email or phone number) to organisations or people before verifying their credentials – we’ve all had those texts from Royal Mail or emails from Amazon asking us to confirm delivery details or pay delivery fees, but do be sensitive to providing any details at all to someone that you don’t know.

2. Make sure your computer has up-to-date anti-virus software and a firewall installed. Ensure your browser is set to the highest level of security and monitoring to prevent malware issues and computer crimes. Even if this blocks some email traffic that you’d like to receive, this extra hassle will be well worth it.

3. Many frauds start with a phishing email. Remember that banks and financial institutions will not send you an email asking you to click on a link and confirm your bank details. Do not trust such emails, even if they look genuine. You can always call your bank using the phone number on a genuine piece of correspondence, website (typed directly into the address bar) or the phone book to check if you’re not sure. Working from home practices should not mean that you have to call a mobile to speak to your bank manager.

4. Sign-up to Verified by Visa or MasterCard Secure Code whenever you are given the option while shopping online. This involves you registering a password with your card company and adds an additional layer of security to online transactions with signed-up retailers.

5. You should regularly get a copy of your credit file and check it for entries you don’t recognise. Callcredit, Equifax and Experian can all provide your credit file. An identity protection service can monitor your credit report and alerts you by email or SMS to potential fraudulent activity. 

6. Destroy and preferably shred receipts with your card details on and post with your name and address on. Identity fraudsters don’t need much information in order to be able to clone your identity. As a family, we’re a big fan of burning the mail alongside garden rubbish but do get hold of a cheap shredding machine if this isn’t a practical option for you.

7. If you receive bills, invoices or receipts for things that you haven’t bought, or financial institutions you don’t normally deal with or contact you about outstanding debts, take action. Your identity may have been stolen. Get in touch with Action Fraud immediately.

8. Be extremely wary of post, phone calls or emails offering you business deals out of the blue. If an offer seems too good to be true, it probably is. Always question it. Unfortunately, several of our clients have been hit by investment scams in recent years and the returns promised have always seemed like the opportunity of a lifetime.

9. If you have been a victim of fraud, be aware of fraud recovery fraud. This is when fraudsters pretend to be a lawyer or a law enforcement officer and tell you they can help you recover the money you’ve already lost. This is a surprisingly common type of fraud as, once you’ve been the victim of one incident, other criminals are likely to target you so if something bad does happen, do be very suspicious of everyone you deal with afterwards.

10. If you do fall victim to a fraud, contact Action Fraud on 0300 1232040.

This article is not intended to frighten anyone. While scams will continue to hit the headlines, taking this 10 step approach can alleviate much of the risk to us all. If you do have any questions or concerns, please do contact a member of the financial planning team.

This article was prepared by Tracy Coghill, a Compliance officer and our Independent Client Supporter at CAM. We always appreciate your feedback. If you have enjoyed this article or have any specific topics you would like to see addressed in future newsletters, please email us at FPTeam@city-asset.co.uk.