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Scammers keep coming up with new ways to con people out of their money. You can protect yourself by being aware of the most common scams, like scams related to the rising cost of living.
Criminals are taking advantage of the ongoing cost of living crisis. They are making new scams to play on people’s money worries. Scammers have:
You can keep yourself safe by knowing what cost of living support is available and where any help is coming from.
Be aware that cost of living payments are no longer available. If you receive communication about cost of living support, you should assume it is a scam.
The Energy Bills Support scheme has also ended –any communication about this scheme is likely to be a scam.
You’ll need to apply to your local authority to get extra help, like the Household Support Fund (England), Discretionary Assistance Fund (Wales) or Crisis Grant/Community Care Grant (Scotland). A local authority would never contact you to get your bank details.
It’s also worth being wary of all cold-callers and ‘too good to be true’ deals. See our page How to avoid a scam for general tips on protecting yourself from door-to-door scams.
Investment fraud can be complex and much harder to spot.
If you suspect someone is trying to scam you, you should hang up or close your door to them. Real investment companies won’t contact you out of the blue.
Always get impartial, independent financial or legal advice before making any investments. You can find an Independent Financial Adviser through the Society of Later Life Advisers (SOLLA).
The Financial Conduct Authority’s ScamSmart hub has more information about investment scams. They have a warning list, so you can check if companies that contact you are genuine.
Usually if you’re over 55 and you have a pension pot, you can access some or all the money in that pot. Pension scammers may:
It’s illegal for someone to cold call you about your pension. If someone contacts you in this way, it’s likely to be a scam.
If you lose your money in a pension scam, you won’t be able to get it back and you may still have to pay tax of up to 55%.
The Pensions Regulator has more information on pension scams. For free, impartial advice about how to invest your pension pot, visit Pension Wise.
Scammers may contact you saying that they’re calling from your bank or the police. They then trick you into revealing your PIN and handing over your debit or credit card.
They may:
The scammer then sends a courier or taxi to pick up your card. Once they have your card and PIN, they can spend your money.
If you get a call like this, you should:
There are many different ways this scam might happen. For example, a scammer may say it’s an undercover operation, so you must not tell your bank or the police. They might ask you to transfer all your funds into a ‘safe account’. They might also ask you to buy an expensive item to help them identify counterfeit goods.
Someone may call claiming to be from an electronics company, like Microsoft, Apple, or a local service. They’ll tell you there’s a problem with your computer, and offer to fix it for a fee. They may also ask to take control of your computer. If you give them access, they’ll try to find out personal information, like your passwords and account details.
Microsoft, Apple and similar firms will never call you. If you receive a call like this, hang up.
You might get an email telling you that you’ve won a cash prize. You will also be told that you will have to pay an administration fee and/or call a premium rate number to get this money. You might also be asked for your full bank details, to ‘release’ the money to you. This is called Advance fee fraud.
Remember:
As this is a scam, there is no prize even if you reply to it. If you reply, it’s also likely that the scammers will add you to a list of people to contact again. To protect yourself, ignore any emails like this.
Other email scams can look like:
You should:
Report anything you suspect could be a scam to Action Fraud. If you live in Scotland, contact Police Scotland. You can also forward emails to the company’s reporting email address which you’ll find on their website. You could also forward suspicious emails to report@phishing.gov.uk.
These are people who try to get into your home to steal from you or to get your personal details. They may work in pairs and could pretend to be:
You should:
A trader may call to sell you something, or say you need work done, often urgently. They may put pressure on you to make a quick decision and not take no for an answer. If you agree, you could spend a lot of money, have no consumer rights and end up with poor quality work.
You should be wary of any doorstep traders. Always take your time before deciding to buy something or have work done. You could also:
Scammers can use dating websites, social networks and chat rooms to get personal details or money from people. Be careful about the information you give out and trust your instincts.
Be wary of someone who:
Never send money or give personal information or bank details to a person you’ve never met in person.
If you fall victim to a scam, you may be contacted by a company offering to help you recover your money for a fee. This is another scam. You won’t get your money back and may end up losing more.
If you’re a victim of a scam, contact Action Fraud if you live in England and Wales. Contact Police Scotland if you live in Scotland.
You can read more about different types of scams and how to protect yourself in the Metropolitan Police guide The Little Book of Big Scams.
By calling Independent Age's free and impartial Helpline, you can get information and advice from one of our friendly advisers, or order our free guides.