Bank impersonation scams are on the rise. According to trade association UK Finance, there were more than 30,000 cases in the first half of 2021, with losses totaling £129 million – double both the number of cases and the losses in the same period in 2020.
Bank fraud can play out in a myriad of ways, but looking out for a few simple red flags could prevent you from becoming a victim.
- Trust your gut. If an offer, deal, investment or potential partner sounds too good to be true, it probably is.
- Take your time. Don’t automatically click on a link. If it is about investments, insist on time to get independent or legal advice before making a decision – a legitimate company won’t pressurise you.
- Always log onto a website directly rather than by clicking on links in an email or in a text message.
- Never send money to anyone you don’t know or trust, or use a method of payment that you’re not comfortable with.
- Protect your personal information. Never give banking or personal details to anyone you don’t know or trust.
- Be password smart. Don’t pick your birthday, phone number or maiden name as elements of a pass code for anything; make sure it is something strong that scammers can’t guess. Don’t use the same password for different sites and change them regularly.
- Consider installing an anti-phishing app (like RedFox Anti-Phishing & Scam Detector) that will help you quickly and efficiently detect any malicious website link that comes to you via email, social networks, messaging apps or via SMS.
