In a time where most people are doing their part to keep themselves and others safe and healthy, criminals continue to try to take advantage of the situation. Since lockdown began, criminals have adapted and cyber crime is on the rise. What should you be watching for and how can you protect yourself?
This does not constitute advice and advice should be sought in all instances before acting on it.
Cyber crime increasing
While we should continue to remain vigilant about offline fraud, such as pension scams, cyber crime has risen during lockdown.
People have increased their internet usage so criminals have upped their attempts to profit off innocent people. Cyber-criminals are doing the most they can to reach mass audiences — fraud scheme ads, fake HMRC texts, phishing emails, etc. They’re becoming bolder in their approach in order to make the most of the pandemic.
By April, National Cyber Security Centre (NCSC) had reportedly taken down 2,000 online scams – including 471 fake online shops – which were trying to take advantage of people looking for coronavirus-related services during the pandemic.
As we change our habits, so too are the criminals
Unfortunately, because the pool of potential victims has increased while we’re at home more, cyber criminals’ success rate is on the rise.
One of the side effects of many of us working from home is using video conferencing to stay connected, and stolen login information for these kinds of platforms is popular on the dark web.
Emails and text messages purporting to be from official agencies are also being sent in an effort to scam payment and personal information.
Be vigilant and proceed with caution when opening emails, clicking on links or downloading apps, as malware is often being put into applications that look official. Always look for unusual activity on your credit or debit card as a sign of being a victim of cyber crime.
Coronavirus investment scams
A good rule of thumb to follow is to never pursue something if you’re contacted out of the blue. If you’re approached via a cold call, email, post, or even word of mouth at a seminar or exhibition about an investment opportunity, don’t take it at face value.
If this happens to you, hang up from a call, ignore anything sent to you unsolicited, and consider registering your information with the Telephone Preference Service and Mailing Preference Service to reduce the possibility you’ll get targeted.
Other warning signs
If you’ve been cold-called, whoever you’re speaking to might refer to a brochure or an email in order to avoid looking like you’ve been contacted out of the blue. Callers will try to build a rapport with you to lull you into a false sense of security. They might also try to pressure you with a bonus or discount if you invest by a certain deadline or say the offer is only available for a limited time.
Another tactic criminals employ is providing false reviews or examples of unrealistic returns. Quite often an ad or email pretends to be from an official company but may ask for bank details of online banking logins. Usually, if something sounds too good to be true, it is.
Don’t let yourself become a victim of cyber crime or scams.
Be prepared. Make sure can identify, avoid, and deal with scams. Always exercise caution when surfing the web and steer clear of anything that you haven’t explicitly requested in order to avoid being taken advantage of online.
By working with a financial adviser, you already have an advantage when dealing with investment scams. If you’re unsure of anything presented to you, it’s wise to check with your IFA first and trust that they will come to you with any new opportunities.
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