In the UK, the program Take Five To Stop Fraud works to encourage people to take a moment to stop and think to prevent financial fraud. It is easy to think that you may know the dos and don’ts when it comes to giving someone your passwords or personal information, but sometimes you can those rules when someone says that they’re from the bank or the police. Most people want to be able to believe others, however that can be dangerous for your finances.

 

Take Five To Stop Fraud has five things that you should keep in mind when you are confronted with a fishy financial situation.

  1. NEVER DISCLOSE SECURITY DETAILS, SUCH AS YOUR PIN OR FULL BANKING PASSWORD
  2. DON’T ASSUME AN EMAIL OR PHONE CALL IS AUTHENTIC
  3. DON’T BE RUSHED OR PRESSURED INTO MAKING A DECISION
  4. LISTEN TO YOUR INSTINCTS
  5. STAY IN CONTROL

Remember, don’t be afraid to question the person or the situation. Just because they say that they are someone doesn’t mean that they really are. There are also some things that your bank or the police will never do. They will never:

  1. CALL AND ASK YOU FOR YOUR PIN OR FULL BANKING PASSWORD
  2. ASK YOU TO WITHDRAW MONEY AND GIVE IT TO THEM FOR SAFE KEEPING
  3. ASK YOU TO TRANSFER MONEY TO A NEW OR DIFFERENT ACCOUNT
  4. SEND SOMEONE TO YOUR HOME TO COLLECT INFORMATION OR CASH
  5. ASK YOU TO PURCHASE GOODS USING YOUR CARD AND THEN HAND THEM OVER FOR PROTECTION

There are various ways that these scams can happen. There are phone scams, texting scams, email scams, online scams, and various others. Scammers aren’t afraid to scam big businesses either. Although 1/4 of the businesses in the UK have been victims to a financial scam, 49% of businesses think that it will never happen to them. Because of this, 7 out of 10 businesses have done nothing to protect themselves and continue to leave themselves at risk to being scammed.

Have you been a victim of financial fraud? Do you know someone that has experienced being scammed? Let us know if you have any more tips on how to protect yourself from being scammed in the comments below! And remember to stay safe online.