With the festive season approaching, a leading fraud expert has issued an urgent warning to Britons about the heightened risk of financial scams. Gareth Pindred, Head of Fraud at Virgin Money, has revealed six critical steps everyone should take to protect their hard-earned cash from sophisticated criminals.
The Alarming Scale of Fraud Targeting Britons
This crucial advice follows research involving 2,000 adults that uncovered startling statistics about fraud in the UK. The study found that nearly half (47%) of Britons have come dangerously close to falling victim to a scam.
On average, UK residents are targeted by fraudulent attempts approximately four times every month. The most common method used by scammers is email, closely followed by text messages and phone calls.
Disturbingly, the research revealed that four in ten people have been targeted by phishing scams, while over a third have received the notorious 'hi mum' or 'hi dad' text message, where fraudsters pretend to be a family member in distress.
Gareth Pindred's Six Essential Safety Steps
Gareth Pindred emphasised that while banks provide protection, individuals are the first line of defence against scammers. He stated: "There is a level of protection your bank can provide, but you are the first line of defence when it comes to protecting yourself from scammers."
Never share your PIN or One-Time Passcodes (OTP) with anyone, even close family members, as this information could be intercepted by criminals.
Don't take communication at face value - just because someone knows basic details about you doesn't mean they're trustworthy. Scammers can spoof legitimate-looking phone numbers.
Resist being rushed - legitimate companies will never pressure you for immediate decisions or money transfers. Scammers use urgency to prevent you from thinking clearly.
Avoid clicking on unknown links or attachments in emails or messages, as these often contain malware or lead to fake websites designed to steal your information.
Don't store personal documents in shared folders or drives where others might access them.
Keep all software updated, including antivirus protection, to ensure you have the latest security patches.
Concerning Security Habits Putting People at Risk
The research uncovered several worrying habits that leave people vulnerable to fraud. Alarmingly, four in ten Britons admit to using the same password for multiple online accounts.
Meanwhile, a fifth of people keep passwords written in notes on their phones, while 11% have sent screenshots of their bank or credit card details to others - creating permanent records of sensitive information.
Perhaps most concerning is the gap between confidence and action when it comes to reporting scams. While 77% of people believe they would know how to report a scam, only 18% actually do so when targeted. Instead, 39% simply ignore scam attempts.
Gareth Pindred added: "Most of the advice around staying safe online is the same as staying safe in the physical world – use some common sense, and if something seems too good to be true – it usually is. Remember, the first thing standing between fraudsters and your money is you."
The Top 10 Scams Explained
The research identified the most prevalent scams currently targeting UK consumers:
- General phishing scams: Criminals impersonate trusted sources like banks to trick people into revealing personal information.
- Text message scams: The 'hi mum/dad' texts where scammers claim to have broken their phone and need help.
- Fake job opportunities: Shared via TikTok or WhatsApp, scammers pose as recruiters to obtain personal information.
- One-Time Password (OTP) scams: Fraudsters trick individuals into surrendering their security codes.
- Celebrity endorsement scams: False claims that well-known figures support investment opportunities.
- Free-gift QR code scams: Counterfeit QR codes used to trick people into revealing personal information.
- Fake ticket scams: Scammers pose as ticket sellers on social media but have no tickets to sell.
- Lottery cons: False claims of lottery wins used to extract personal information.
- LinkedIn relationship fakes: Fake professional profiles used to build trust and steal money or data.
- Cryptocurrency-romance scams: Victims manipulated into sending cryptocurrency to fake romantic partners.
With two-thirds of Britons admitting they've fallen victim to at least one type of scam, following these expert tips could make the crucial difference in protecting your finances this Christmas.
