Protecting Yourself from Financial Scams during Covid-19
Fear and anxiety is at an all-time high due to Covid-19. Fraudsters love this as it makes for vulnerable prey.
There has been an increase in the number of financial scams over the last few months.
At a time when many are suffering from financial hardship it is more important than ever that you know how to protect yourself
Areas that criminals are focusing on at the current time include;
- Bogus insurance products
- High risk investments
- Accessing money in pensions
Here are some tips to help avoid being scammed;
- Be wary of emails, calls and texts from criminals impersonating official government sources, banks, insurers, pension providers and other organisations
- Never divulge personal data, insurance or pensions policy numbers without making appropriate checks
- Current scams include upfront fees for reclaiming money due to the coronavirus cancellation of holidays, weddings and other events
- Phishing emails have increased – they attempt to trick people into opening malicious attachments or revealing personal or financial information
- Fake or invalid insurance products offering Covid-19 protection are being marketed
- Do not assume all websites are genuine – criminals are getting sophisticated with technology; some are able to use real insurer websites by ‘ghosting’
- New inventive ways are being thought up such as advising that your insurance has been cancelled and can only be reinstated by a telephone payment
- Be suspicious of any offer that seems too good to be true
- Check credentials of the person you are dealing with – hang up and call them back
- Promises of higher investment returns and requests for urgent withdrawals are potential signs of fraudulent activity