Fraudsters cash in on COVID

Here at SW&A we were disturbed, though not surprised, to hear that fraudsters have exploited the UK’s uncertainty during the pandemic. Read on to find out how fraudsters cash in on Covid with a flood of scams.

The scams

Involving anything from travel, investments and social media, the number of scams leapt 66 per cent in the first six months of this year, according to Barclays.

Moreover, it seems the ruthless schemes show no signs of slowing down. The figure rose by a further five per cent in July compared to June. 

Barclays said scams relating to investments went up by 49 per cent in July, the highest level it has ever reported. Likewise, there has been an increase in campervan scams, particularly on online marketplace sites.

There has been an increased number of people online during lockdown. Mainly to keep in touch with their family and friends. Unfortunately, this has led to people being targeted in social media related scams and cryptocurrency fraud is also increasing.

We echo Barclays’ concerns and urge our customers to stay vigilant as the nation continues to move out of lockdown.

Too good to be true?

The phrase: “If something seems to be too good to be true, it usually is” may be well-worn. However, it certainly will never go out of style while there are fraudsters about. Their intent to separate us from our hard-earned cash, is here to stay. 

Our advice is simple: If you are ever in doubt about an unsolicited offer or opportunity, take all the time you to check it out or get a second opinion from someone you trust – like SW&A.

You should never feel threatened or pressurised into making an instant decision and should always check if the website you are dealing with is genuine or a cloned page.

The Financial Conduct Authority has a register that consumers can use to see whether the company that has contacted them is authorised to provide regulated financial services. Visit https://register.fca.org.uk/s/

Learn more about this topic in our impersonation fraud blog, here.