Information and advice from the Citizens Advice Bureau and Payment Systems Regulator (PSR)
The Citizens Advice Bureau Scams Awareness Week recently highlighted several current scams and provided some good advice.
Investment scams can manipulate you to hand over money with false opportunities. “Invest now! 100% guaranteed to make you money!”
Be wary of:
- sudden calls
- offers of high returns on investments, including no risk guarantees
- time-limited offers
- being rushed to make a decision on the call
Fraudsters often use images of celebrities on social media and professional-looking websites to promote cryptocurrency and other high risk investments. These fake adverts try to pressure you to invest. Be wary of celebrity endorsed social media posts and offers of high returns on investments as they could be scams.
Have you received a strange message on WhatsApp from a loved one?
Be wary of friend-in-need scams. Fraudsters message you pretending to be a family member or friend. They could ask you to urgently send money or share a 6-pin digit number. Stop, think and call your loved one before sending or sharing anything.
Romance scams can leave you with a broken heart and a loss of money.
Know the warning signs to look out for. You might spot these behaviours on your dating app:
- they ask you for personal details like your “maiden name” or your “childhood pet name”
- they want you to start chatting outside of the dating app or platform (e.g. text messages)
- they tell you they have strong feelings for you very early on
- they don’t want to meet in person
- they want you to send them money urgently
All these can indicate that you might have been contacted by a scammer.
According to The Pensions Regulator, there are 2 types of pension scams you should know about:
- pension review scams make you move your money into high-risk schemes which are badly run or completely fake
- early pension release offer to help you release cash from your pension before you’re 55 years old. These are almost always scams. Generally, you can only take money from your pension when you're 55 or older (rising to 57 from 2028) except in certain cases, such as poor health.
Remember you can check if you’re dealing with an authorised a firm or adviser on the Financial Conduct Authority’s register
Did you know scammers can place fake QR codes in car parks?
This can lead drivers to share their personal and financial information on scam websites.
It’s important you look out for frauds and be #ScamAware:
- check if the QR code is in an unusual place or printed in good quality - often it can be a sticker above another QR code.
- ensure you’re using a legitimate website - look at the URL and see if it matches the name of the parking facility
- see if the car park has an official app or website so you can pay in alternative ways
Scammers can target people searching for debt help.
Influencers and fraudsters are advertising debt solutions like IVAs (individual voluntary arrangements) which can be false or misleading.
If you are facing debt, don’t trust the advice you see on social media as it can be a scam or give you incorrect information. It’s important you get advice from trusted debt advice organisations such as Stepchange.
Authorised push payment (APP) fraud happens when you are tricked by a criminal into sending money by bank payment to an account that they control and which you do not. Rules have been set by the Payment Systems Regulator (PSR), the body that regulates payment systems in the UK – and only apply to payments made on, or after 7 October 2024.
This website explains the rules in more detail.