Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

The five frauds to watch out for next year

by December 27, 2022
December 27, 2022
The five frauds to watch out for next year

People are being urged to never give out their personal details and remain vigilant of “relentless scammers” in the fight against fraud.

Five main scams to watch out for next year — money mule requests, card theft, fake apps, spoof calls or texts and online purchase scams — have been listed by Which?, the consumer group.

Jenny Ross, money editor at Which?, said: “Banks will never ask you for personal information, nor will they try to hurry you into making a decision. If this happens to you, whether by text, email or over the phone, step back and think about what they’re asking.”

To combat money mule fraud, Which? says that people should watch out for requests where you can unwittingly allow a criminal to use your bank account to move stolen money. Tactics employed include sending funds “in error”, which people are asked to return to a different bank account.

Card fraud can be countered by keeping an eye on your account and taking up bank services such as free text or email alerts for your balances and payments. Where possible use only ATMs located inside bank branches, as these are less likely to have been tampered with. Check the reviews of an app before downloading it as it could be designed to target your bank accounts.

Scammers also use fake numbers to pretend that they are from a legitimate institution, and telecoms firms will have to do more to stop this in the years ahead. In the meantime never trust the number that is shown and do not give out personal details on the phone.

Last year Ofcom found that eight in ten people surveyed had been targeted with scam texts or phone calls that were intended to convince them that they were from trusted organisations. The UK is particularly susceptible to spoofing because banks and utilities have over the years asked for confidential information to prove identity, which was described as a “disastrous practice” in a recent Lords report on fraud.

Ross told consumers that “if it looks too good to be true, it usually is”, with criminal gangs paying for fake or misleading adverts online in an attempt to lure in unsuspecting victims, often by offering low prices for high-value items, such as mobile phones or laptops.

Which? recently highlighted the prevalence of financial scams on platforms owned by Meta, which include Facebook and Instagram. The forthcoming online safety bill would put extra duties on large technology companies to proactively remove potentially scam advertising.

Fraud is the most commonly experienced crime in England and Wales, accounting for about 41 per cent of all crime against individuals, with losses over the past year totalling £4 billion, according to the Lords Fraud Act 2006 and digital fraud committee.

The Lords report, entitled Fighting Fraud: Breaking the Chain, criticised the government for excluding fraud statistics from public statements and claiming that crime was falling. It said that the UK’s success in advanced payments was one of the key reasons why it had become a global centre for fraud.

However, it also pointed to the under-resourcing of law enforcement, a criminal justice system failing to keep pace with the problem, an “alphabet soup” of ineffective responsible bodies and a telecoms sector with no real incentive to prevent it.

Among its recommendations were delaying payments in some circumstances, a reprioritising of policing and a new corporate offence of failing to prevent fraud.

From mules to spoofs

1. Money mule requests

Beware requests through which you can unwittingly allow a criminal to use your bank account to move stolen money, often after they say they have sent funds “in error”.

2. Card theft

Keep a close eye on balances and payments with text or email alerts, and use ATMs inside bank branches.

3. Fake apps

Read reviews before downloading, to help gauge their legitimacy.

4. Spoof calls or texts

Be suspicious when asked to press numbers on a phone keypad or follow a link in a text message.

5. Online purchase scams

Warning signs include spelling errors and a lack of contact details.

Read more:
The five frauds to watch out for next year

0
FacebookTwitterGoogle +Pinterest
previous post
New York Rep.-elect George Santos confesses to lies about his resumé: Report
next post
Middle-class families face Jeremy Hunt’s £40,000 stealth tax on incomes

You may also like

Customer Satisfaction and QMS: Ensuring Continuous Feedback and...

September 18, 2024

UK farmers voice concern as UK minister confirms...

February 22, 2023

Welsh entrepreneurs get chance to fast-track success with...

February 18, 2025

Labour’s benefit cuts could cost UK economy billions,...

April 29, 2025

How to Boost Employee Engagement in a Hybrid...

March 22, 2024

The Growing Demand for Medical Supplies: Retail and...

November 26, 2024

HMRC gains only £14.4m in extra tax from...

July 19, 2024

Excelling in Marketing Management Assignments: Expert Insights on...

February 16, 2024

Influential Photographers Who Deserve Your Attention

February 27, 2023

SME leaders bullish about prospects as majority expect...

August 16, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • UK house prices stall in June as stamp duty change and weak economy hit confidence

      July 8, 2025
    • Elon Musk connects with indie Andrew Yang on billionaire former Trump ally’s third party push

      July 8, 2025
    • Data Security Posture Management – The Next Big Data Solution Your Business Needs (And How to Get Started)

      July 7, 2025
    • Bondi under siege after DOJ reveals no Epstein client list

      July 7, 2025
    • Over 158 million Americans voted in 2024 as Trump reclaimed the White House

      July 7, 2025
    • US ends terrorist designation of Syrian militant leaders

      July 7, 2025

    Categories

    • Business (8,411)
    • Investing (2,105)
    • Politics (15,958)
    • Stocks (3,192)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved