£2.1 million Lost Every Day Due to Fraud

Last year, Britons lost a staggering amount of money as a result of financial fraud.

Research from Financial Fraud Action UK (FFA UK) has revealed that the total amount of money lost to fraud in 2016 was £769 million, an increase of £14 million from the previous year. Katy Worobec, the director of FFA UK, said:

“Fraudsters [are] using increasingly sophisticated methods to circumvent bank technology and target victims. While the payments industry stops six in every 10 pounds of attempted fraud, it cannot solve the problem alone. Collective action is needed with banks, police and customers all playing their part”.

How to Avoid Financial Fraudsters

There are simple and practical steps you can take to avoid falling victim to fraud as pointed out by the Take Five campaign. The Take Five campaign was launched by the FFA UK and other financial organisations last year to raise awareness of financial fraud and highlight the things customers can do to protect themselves…

  1. Do not disclose security information such as full passwords or PINs. Your bank will never ask you for this information directly.
  2. Stay sceptical. Unsolicited calls or emails should be received with caution. Always be wary of clicking links in emails, no matter how official they appear.
  3. Take your time. If you are being rushed to give out information, that is a good indicator that the person you are communicating with is not genuine. Legitimate organisations will allow you time to think and encourage cautiousness.
  4. Go with your gut. If something feels off or you are unsure, do not hand over any details.
  5. Be confident. You have the right to refuse to hand over any private information and you should not feel pressured at any time.