5 types of scam and fraud to know

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A scam refers to a fraudulent scheme designed to trick people or businesses out of money. Scams can take various forms and may involve false promises, misrepresentation or manipulation aimed at exploiting the victims. It’s important to stay vigilant and sceptical, especially when it comes to unsolicited phone calls, texts, emails or postal offers, particularly those requesting personal or financial information. There are so many different types of scams in the UK.

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What are phishing scams?

Phishing involves using tricks to obtain personal information, such as usernames, passwords and credit card details, by posing as a trustworthy person. This contact can be made through email, text messages or phone calls.

What is investment fraud?

Investment fraud encompasses a range of schemes that deceive investors into making decisions based on false or misleading information. There are many fake investment opportunities promising high returns doing the rounds and people should be wary.

Have you been a victim of identity theft?

Identity theft is when a person’s personal information, such as their date of birth or credit card details, is stolen in order to commit fraud. This can lead to financial loss and damage to the victim’s credit rating.

Even protecting your property from fraud is important. If you are moving home, conveyancers recommend applying to enter a Form LL restriction against the property. There are a number of professionals that can offer guidance including https://www.parachutelaw.co.uk/form-ll-land-registry-restriction.

What is online auction fraud?

Online auction fraud occurs when sellers on shopping sites deceive buyers by misrepresenting the quality or condition of items. They may also fail to deliver the goods or accept payment without delivering them. This can result in financial loss and frustration for the buyer. According to GB News, Santander customers lost £7.3million to online shopping scams last year with criminals posing as sellers on popular online marketplaces to trick people into losing cash.

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Tech support scams are on the rise

Technical support scams involve fraudsters posing as representatives from legitimate companies, such as Microsoft or Apple, and contacting people to offer assistance with non-existent computer problems. They may ask for remote access to the victim’s computer or trick them into paying.

Scams can have serious financial and emotional consequences for victims. To avoid falling victim, it’s important to be cautious and to verify the legitimacy of offers. Most importantly, always protect your personal information.

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