A local expert from Citizen’s Advice provides timely tips on consumer issues.
Q: ‘I keep reading about people losing money in scams and I am worried that it might happen to me. What can I do to minimise the risk?’
A: It’s not easy to spot financial scams so it’s important you know what to look out for. Here is a quick guide to six financial scams:
- Investment scams: scammers often use fake celebrity endorsements to promote false investments on social media. Scammers can also make fake investment firms seem legitimate by setting up clone websites of real companies. Check for a padlock icon next to the URL in the address bar, and instead of relying on a clickable link in an email or text, search on Google for the company – official websites are positioned higher in the search results since they have existed longer and have more links from other websites.
- Friend-in-need scam: be wary if a friend or relative messages you urgently asking for money as it could be a scammer pretending to be your loved one to exploit your willingness to help. Before responding to unexpected messages requesting financial help, call your family member or friend directly to confirm the request. Many families choose a simple, memorable password to protect more vulnerable members from scammers posing as loved ones, posting urgent messages.
- Romance scams: be wary if someone you met on a dating platform avoids video calls and meeting you in person, but starts asking for urgent money due to emergencies.
- Pension scams: the two main types of pension scam are pension review scams and early pension release scams. Remember that professional advice on pensions is not free – any unexpected calls for reviews or offers are more than likely a scam. Hang up and find a reputable professional locally.
- Debt help on social media: some financial influencers use social media to promote debt solutions in a misleading way. The solutions may give inaccurate advice which can put your finances at risk.
- Parking QR codes: QR phishing is where fake QR codes are placed in areas such as car parks where you might scan and pay for your parking at ticket machines. If you find a QR code for payments at car parks, watch out for any tampering signs, and pay attention to the website you’re led to – be sure the QR code takes you to a legitimate site. When in doubt use one of the parking apps, and only pay through those.
If you’ve been scammed:
• Don’t feel embarrassed — scams can happen to anyone
• Report the scam as soon as possible
• Check if you can get your money back by contacting your bank immediately
• For more information, check our website https://www.citizensadvice.org.uk/consumer/scams/
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