It seems like not even a worldwide pandemic could deter fraudsters from trying to take advantage of the UK public. Fraud cases, which includes cheque, plastic card and online bank account fraud, surged in the last year (April 2020-March 2021) to 25,717 cases.
This does not constitute advice and advice should be sought in all instances before acting on it.
The total damage topped at £161,221,800 – an average financial loss of £6,269 per case. London’s Metropolitan Police department alone reported a total of £32.3m over the one year period.
But you don’t have to fall victim to fraudsters. Here are a few ways to protect yourself from cheque, plastic card, and online bank account fraud:
Be safe online
It’s a good idea to only access your online banking or do anything that requires your financial details in a private setting on your own secure network. Be sure to use strong passwords for your online banking accounts. The more intricate, while ideally also memorable for you, the better. Special characters, numbers, uppercase and lowercase letters – use them all in a variety. And don’t use any obvious dates or significant numbers for your pin numbers so they can’t be easily guessed.
Use official channels
Only access your online banking and any other financial institution accounts via your providers’ official website. Never click on a link in an email or text message and don’t give away bank details on the phone. Always go directly to your account the way you normally access it. When it comes to mobile banking, only use the official apps and keep them updated for the latest and strongest security protection.
Keep a watchful eye on your finances
Be sure to check in with your monthly statements for all your bank accounts, credit cards, and other active accounts. If you regularly review the activity you’ll be able to spot irregularities and report them to your bank or building society.
Get professional advice
Hopefully you’ll be safeguarded against any fraud attempts, but with sound financial advice you’ll be prepared for any unfortunate situations that might come your way. Work with an adviser to build a financial plan customised just for you, including ways to build and protect your wealth. Get in touch with us today get started today.
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