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Scammers are inventive and 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, including scams related to coronavirus (COVID-19).
Scammers are trying to take advantage of people’s worries and uncertainty about the pandemic, especially those who are alone, self-isolating or in financial difficulty.
Coronavirus-related scams include:
Always check the credentials of people or companies who contact you. Take your time before deciding to part with money or information and if possible, seek advice. Remember – it’s okay to say no.
You can find out about the latest scams on the Take Five website.
Investment fraud can be sophisticated and very hard to spot.
You should:
The Financial Conduct Authority’s ScamSmart hub has more information about investment scams, including a warning list, so you can check the credentials of companies that contact you.
You can find an Independent Financial Adviser through SOLLA, the Society of Later Life Advisers.
If you’re over 55 – or younger in some cases – and you have a pension pot, you can now access some or all of the money. Pension scammers may:
It’s illegal for someone to cold call you about your pension. If someone contacts you in this way, it’s probably 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%. Find out more at pension-scams.com. For free, impartial advice about how to invest your pension pot, visit pensionwise.gov.uk.
Courier fraud
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.
You should:
There are many variations on this scam. For example, they may say it’s an undercover operation, so you mustn’t tell your bank or the police. They may ask you to transfer all your funds into a ‘safe account’ or buy an expensive item to help them identify counterfeit goods.
Fake computer support calls
Someone may call claiming to be from Microsoft or another computer security company. They’ll tell you there’s a problem with your computer and offer to fix it for a fee. They may ask for permission to take control of your computer. If you give them access, they’ll try to get hold of personal information, such as passwords and account details.
Microsoft and similar firms will never call you. If you receive a call like this, hang up.
Lotteries / prize draws
You might receive a letter congratulating you on winning a cash prize. Before you can get the money, you have to pay an administration fee and/or call a premium rate number.
Remember:
You won’t receive a prize and, if you respond, you’ll probably receive more of this type of mail because your name will be added to a list.
Psychics and clairvoyants
Letters from psychics or clairvoyants may offer to reveal something to you in exchange for money. Sometimes these scams are used to set you up for lottery scams by giving you lucky numbers. The letters may be sinister or threatening.
Pyramid schemes
You may be invited to invest in a business with high returns and low risk. You pay to join and get rewards for recruiting other investors. You may get some small payments at first to persuade you to invest more, but usually the investment is worthless or doesn’t exist.
Email scams
These can take many forms:
You should:
Report anything you suspect could be a scam to Action Fraud. You can also forward emails to report@phishing.gov.uk.
Bogus callers
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 pose as:
You should:
Contact the Charity Commission to check that a charity is genuine. Or contact the charity to confirm that they’re making collections in your area.
Rogue traders
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 refuse to take no for an answer. If you agree, you could spend a lot of money, have no consumer rights and end up with sub-standard work.
Be wary of any doorstep traders and always take your time before deciding to buy something or have work done. You could also:
Scammers use dating websites, social networks and chat rooms to get personal details or money from people. Be cautious 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.
If you fall victim to a scam, you may be contacted by a company offering to help you recover your money for a fee.
You won’t get your money back and may end up losing more. If you’re a victim of a scam, contact Action Fraud.
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.