Fraud costs the UK economy billions every year – with people being conned out of hundreds or even thousands of pounds.
Scams are becoming more widespread and harder to spot, with fraudsters often creating an intricate web of deceit to catch people out – resulting in increasing numbers of people being targeted each year. Learning how to spot fraud is an important
step in protecting yourself from falling victim to the scammers.
This may seem obvious, but make sure to regularly look through your statements for any suspicious transactions. Though, look closely as fraudsters will often first purchase something small with your bank or credit account to check you won’t notice larger scale theft.
Checking your credit report regularly is a good way to keep an eye out for fraud, because it gives you a snapshot of your financial history and all your credit accounts. You can see any recent applications made for credit in your name, spot any unfamiliar accounts or debts immediately.
Make sure to destroy any documents that hold personal information, such as bank statements, payslips and bills before you put them in the bin. This doesn't just apply to financial or official government information, even old catalogues showing your name, address and account number could be of use to identity thieves.
If important documents like your passport or driving licence are lost or stolen, report it to the relevant organisation as soon as possible. They can then be declared void, which should stop them being potentially used for identity theft or fraud.
It's good practice to not tell your PIN or passwords to anyone, no matter how much you trust them, and don't write them down anywhere either.
It's wise to redirect your mail for at least a year if you move house, to stop any confidential post getting into the wrong hands.
Mentioning details on networks like Facebook that may seem pretty humdrum to you, such as full dates of birth, pets’ and children’s names could put you at risk of identity theft. This is because many of these details are common answers to security questions by banks and lenders seeking to verify your identity.
The electoral roll is used by credit referencing agencies as an official marker of your address. If you make sure it’s always at your current address then fraudsters will find it harder to claim your identity and borrow in your name at a different address.
Phishing is a scam to try and obtain your bank details or secure logins, through emails, text or phone-calls claiming to be from your bank. Signs of a phishing email are typically bad grammar and spelling, out of date company logos and most importantly any request for confidential information. However, phishing can be a sophisticated scam that can catch out even the very careful, so be vigilant and report anything suspicious. As a rule, your bank won’t ask for personal information over email or SMS (and will never ask for your full PIN or online account logins).
If you don't receive important documents in the post you should act immediately. Contact the sender to let them know you haven’t received your post, and keep one eye on your statements and credit report.
Find out how a credit report can protect you from becoming a victim of identity fraud.
Read moreFinancial fraud takes on many forms and scammers are always creating new ones, but there are few common scams you should be aware of.
Read moreIf you’ve been a victim of fraud where you’ve been left out of pocket, you should be able to get your money back.
Read moreCredit card security has improved but card fraud is still on the rise – we take a look at two of the biggest credit card frauds ever and explain your rights.
Read moreAnyone can be a victim of fraud, but there are a few things that put you more at risk.
Read moreTake our quiz to find out how much you know about fraud and if you might ever be caught out by a scammer.
If you’ve had money fraudulently taken from any of your accounts you should be able to get it back. If your bank has not already noticed unusual activity on your accounts, you should immediately notify them so they can investigate.
Under the Payment Services Regulations and Consumer Credit Act your bank or credit card provider should refund any fraudulent transactions as soon as possible, or waive any debts.
As you have been a victim of a crime you should also report the fraud to ActionFraud, the police’s fraud investigation department.
With millions of people falling victim to fraud every year, fight back against the fraudsters by downloading and sharing our infographic to help people become #ScamAware.
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