How do I protect myself from online scams and fraud?
How do I protect myself from online scams and fraud?
*This article was last updated on 30/01/2023.
How do I protect myself from online scams and fraud?
Online scams and frauds are becoming increasingly common in today's digital world. It is important to be aware of how these scams work so you can protect yourself from becoming a victim. In this article, we will discuss the different types of online scams and frauds, their effects, and provide tips on how to protect yourself from them. We will also discuss the importance of fraud prevention and internet safety in order to keep your personal information secure online.
Furthermore, it is a sad and unfortunate reality that fraudsters are attempting to capitalise on the vulnerability of some people in the wake of the coronavirus pandemic. There are steps we can each take to prevent ourselves and our loved ones from being the unwitting victims of these fraudsters, outlined below.
Common types of online scams and frauds to look out for.
With the rise of the internet, online scams and frauds have become increasingly common. It’s important to be aware of the different types of scams that exist in order to protect yourself and your finances. Some of the most common types of online scams and frauds are:
Phishing scams: A type of cyber attack that uses disguised email as a weapon. The goal of the attacker is to steal sensitive information such as usernames, passwords, and credit card details.
Credit card fraud: A type of fraud that involves the unauthorised use of someone else's credit card information to make purchases or access funds.
Identity theft: A type of cybercrime that involves stealing or misusing someone else's personal information, such as name, National Insurance number, passport, banking and credit card details, to commit fraud.
Financial scams: A type of fraud whereby you are individually targeted with the aim of stealing your pension or savings. These are often dressed up as investment opportunities or financial reviews.
It is important to understand how these scams work in order to protect yourself from falling victim to them. Additionally, it is also necessary to take steps towards identity theft prevention to protect yourself from any potential losses or damages. By understanding the different types of online scams and frauds out there, you can stay one step ahead of criminals who may be trying to take advantage of you.
What you should look for to avoid scams.
Staying ahead of the fraudsters is becoming increasingly difficult as their tactics are becoming ever more complex and sophisticated. Here are 6 tips to keep you safe online.
If you are approached by a firm or individual, use the Financial Services Register to check whether they are authorised by the Financial Conduct Authority (FCA). An authorised firm or individual should always be listed on the Register, together with their current status – what you are looking for as a first step in understanding whether you are dealing with a legitimate firm is a status of ‘authorised’.
Check the FCA Warning List (www.fca.org.uk/scamsmart/warning-list) to check for known scams and firms known to be operating without the FCA’s permission.
Reject offers that come out of the blue – the FCA has useful information on their website on what to look out for and what to avoid - www.fca.org.uk/consumers/protect-yourself-scams
Beware of adverts on social media – anything that looks too good to be true is likely to be a scam.
Do not give out personal details like your bank details, account logins and passwords, address, date of birth and existing policy numbers – your bank and other financial services providers will never ask you for these sorts of details in writing. At AV Trinity we have strict guidelines in place for maintaining the security of your personal and financial information, in particular when communicating with you by email. We will never ask you, unprompted, to disclose your bank details by email and where the movement of money is concerned we will always speak with you first before acting.
Do not click on links or open emails from people you do not already know. Fraudsters often send out themed emails, depending on the current news cycle (such as public health issues, cost of living crisis, elections etc).
How to protect people affected by dementia from becoming the victim of financial fraud.
The charity Alzheimer’s Society has identified that certain vulnerable groups may be more at risk due to the uncertainty around the current pandemic. To raise awareness, they have created a series of resources that encourages people to be more cautious about suspicious phone calls or letters, as well as screenshots of actual fake websites and emails as examples, which can be found on their website.
They have also created a useful electronic postcard that can be printed off or shared easily, summarising the main points on how to spot fraud, which can also be found on their website.
What to do if you have been the victim of an online scam?
If you think that you have been scammed or you know someone who has, you can report it to:
The FCA by contacting their Consumer Helpline on 0800 111 6768, email them at: consumer.queries@fca.org.uk or use their reporting form on their website www.fca.org.uk/report-scam-unauthorised-firm-individual
Alternatively, you can contact Action Fraud on 0300 123 2040 or via their website www.actionfraud.police.uk
If you receive a phishing email you are now able to forward that email to the National Cyber Security Centre so it can be investigated: Report@phishing.gov.uk
Conclusion
For the most part, the contact you make with institutions should be led by you. For example, if you want a pension review, you can approach an authorised financial adviser personally. Equally, if you have a query about your health, you should be making contact with health professionals in your area. If anyone is getting in touch with you out of the blue to discuss personal matters like this, you should always proceed with caution and discuss it with a friend or family member for a second opinion before you hand over any personal information.
For a more detailed look at phishing, you can read our dedicated article Protect against phishing, vishing & other inbound scams. You can also read our article on keeping your data private online.