As if the UK public don’t have enough to worry about, it seems like fraudsters are taking advantage of the cost of living crisis. Why now? Well, because now is a time when many people might look for opportunities to earn some extra money, and fraudsters are taking the chance to make money quickly and running with it.
This does not constitute advice and advice should be sought in all instances before acting on it.
According to UK Finance’s Take Five to Stop Fraud campaign, more than half of the UK public reported that they would be looking for opportunities to make extra money as they are feeling the pressure of the cost of living crisis. This could be detrimental if you are not aware of the possibility of scammers and the way they operate. In fact, desperation is often something fraudsters rely on, as during difficult times, people are more likely to respond to unprompted or out-of-the-blue investment or loan opportunities.
Even though older people have developed a reputation for being susceptible to fraud, young people (aged 18-34) are actually more likely to be at risk as fraudsters will seek to target them in ways they previously thought to be safe and are more likely to provide personal or financial details during an online interaction.
Becoming a victim of fraud or a scam is a real fear for people, with 60% reporting they are worried about it happening to them. And with good cause too, as recent figures show that over £600 million was lost due to fraud and scams in the first half of this year alone!
While deplorable, this isn’t exactly surprising since criminals always seek to exploit vulnerable situations and people. We saw this happen during the coronavirus pandemic, and now as a recession seems likely, we’re seeing it again.
There are various types of scams and fraud to be aware of: purchase scams, impersonation fraud, investment fraud, and payment in advance fraud.
We know it can be stressful dealing with rising living expenses, but it’s important to keep your wits about you and stay alert for fraud. Be wary of messages or calls from unknown senders and think carefully before sharing personal or financial details. And as always, avoid click links from senders you don’t recognise. Don’t let fraudsters win; stay vigilant and keep your money where it belongs — with you!