Is it too good to be true?  A quick guide to beating the scammers  

The pandemic changed the way many of us operate and control our finances and spending, using online platforms to conduct day to day transactions.

Yet, as our behaviours change to adapt to the digital world, criminals aim to take advantage. 

In the 2021 Half Year Fraud report, UKFinance.Org reported more than £750m was stolen through fraud.

In the past, crime was mainly through unauthorised card payment fraud. However latest data shows a staggering increase in fraud through authorised payments, where victims have been tricked to authorise a payment, primarily by email or telephone. 

There has also been an increase in bogus online retailers, where people make a payment for goods which never materialise. 

Worryingly, these online criminal networks are recruiting through advertising for 'Money Mules'. Essentially this is where people allow their bank account to be used to 'cash out' fraudulent funds. Praying on those who are looking to make up for earnings they may have lost during the pandemic, without fully understanding the consequences of what they are doing. 

Katy Worobec, Managing Director of Economic Crime for UK Finance writes "It is difficult to determine how much of the fraud losses are passing through money mule networks - as it is far more difficult for banks to identify such transactions because the money is being passed through existing and legitimate accounts." 

Criminals are experts in impersonating organisations and people to conduct their targeted scams, hoping you will let your guard down just for a second.

Unfortunately, even the smartest of us can be scammed and often without even realising. If you're in receipt of an unsolicited call, email or text message, take a moment to consider these three words: 

Stop: Don't say yes straight away. Taking a moment to stop and think before parting with your money or information could keep you safe. 

Challenge: Could it be fake? It's ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you. 

Protect: Contact your bank or credit card company immediately if you think you've fallen for a scam and report it to Action Fraud.

The key is to be diligent and double check the source of the communication you are receiving. 

Get in touch with us here at Raymond James, Hitchin if you suspect a scam or you can call Action Fraud straight away on 0300 123 2040, or the FCA Consumer Helpline on 0800 111 6768.